India's Crypto Ban Predictably Triggers Massive Bitcoin Price Premiums

Joseph Young

Updated Mon, Jun 24, 2019, 6:05 AM

India's restrictive crypto trading squeeze is leading to significant premiums on bitcoin price among local traders. | Source: Shutterstock

By CCN Markets: The bitcoin price has reached $11,200 at its peak earlier this month on major exchanges including Bitstamp and Coinbase following a large spike in volume and overall interest.

The bitcoin price is up from $9,000 to $11,200 in the past week (source: coinmarketcap.com)

According to reports, bitcoin is trading higher in India and Iran with premiums ranging from 5 to 30 percent, two regions that have practically restricted bitcoin trading.

Is banning bitcoin not productive?

In 2018, the Reserve Bank of India (RBI) requested banks under its oversight to stop providing services to crypto exchanges, putting an end to fiat-to-crypto trading platforms in the region.

The RBI said at the time:

Read the full story on CCN.com.

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India's Crypto Ban Predictably Triggers Massive Bitcoin Price Premiums

Is banning bitcoin not productive?

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