India's battered cryptocurrency industry, which has seen retail trading volumes decline by over 90% in the past three years, is cautiously optimistic about the industry's latest surge.
On Monday, the price of one Bitcoin token crossed $82,000, scaling a new all-time peak and sparking optimism about growth of business among domestic cryptocurrency exchanges.
However, domestic challenges such as heavy taxation and the Reserve Bank of India's (RBI) adverse stance on cryptocurrencies could hinder a sustained growth in investors and trading volumes.
Ashish Singhal, CEO of cryptocurrency exchange and aggregator CoinSwitch, said that the platform "has seen a 500-700% sequential uptick in active users on the platform-be it for returning users, or new users signing up on the platform."
The rise that Singhal pointed to occurred over the past one week, with Bitcoin rising to its record-high, fueled by Donald Trump's victory in the US presidential elections held on 5 November.
In his campaign, Trump vowed to make the US the crypto capital of the world.
Esta historia es de la edición November 12, 2024 de Mint Mumbai.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 12, 2024 de Mint Mumbai.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Reduction of energy costs in the telecom sector
With telecom infrastructure companies looking for newer ways to cut back on energy costs, battery restoration technology provides telecom infrastructure firms with a viable, economical and green solution for uninterrupted power supply
Skip cheese and sip wine in Switzerland
Beyond chocolates and cheese, there's another Swiss gem to discover — vineyards that have been passed down through the generations
Bankers aren't always frank about bank regulation
The 'world's banker' Jamie Dimon, CEO of JPMorgan Chase, speaks his mind even if it means taking swipes at US regulators.
Baku: A climate breakthrough looks depressingly bleak today
The success of fossil fuel-favouring politics threatens the planet
Global solidarity levies can play a vital role in our climate efforts
Solidarity taxes could support redistributive measures and optimize how we collectively tackle a great challenge of our times
Speak for the Earth: It's the least we should do
This year's Booker prize winner turns our gaze to the planet from orbit and reminds us of the climate disaster that looms. Can odes sung to Earth move the world to act in its defence?
Aim for an efficient carbon market right from the start
India's economy is projected to grow dramatically over the next few decades. In nominal terms, it may double in size by 2030. This is exciting, but it comes with a significant risk.
Why health insurers refuse to cover certain treatments
While 12 modern treatments are covered, many advanced procedures are yet to be included
Address economic distress with structural reforms and not doles
Cash transfers may offer short-term relief but raising worker incomes is the only lasting solution
FUNDING FOREIGN EDUCATION: SHOULD YOU SAVE OR BORROW?
Education financing needs vary, but early planning is key to building your desired corpus
