Indian Bitcoin Enthusiasts Pay US$125 Premium To Buy Cryptocurrency

In fact, UnoCoin reported some trades worth US$871, which is well above the current US$746 price on other exchanges.
The Bitcoin price is spiking in India as we speak. UnoCoin, one of the country’s leading cryptocurrency exchanges, marks the price at RS 59,148. That is well above the current US value per Bitcoin, indicating the demand for alternative financial solutions is huge in India right now. But is this a sign of things to come, or just a temporary price boost?
Ever since the vast majority of cash in India was suddenly declared ‘illegal’, the country has been a mess. Financial turmoil is affecting everyone, and capital outflows are becoming more prevalent. Interestingly enough, a lot of people are flocking to Bitcoin as a way to hedge against future financial instability.

This post was published at NewsBTC on November 17, 2016.