Experts claim that demand outweighs supply in India, pushing the Bitcoin price in the country up to 20% higher than international prices.
Some Indian e-commerce platforms have started recognising the digital currency as well. FlipKart and Amazon are already giving customers the option to convert Bitcoin into regular currency and purchase goods with it.
So there is huge demand and this can cause some problems in future so caution is needed when investing as any moment govt or RBI may ban it.
What caused this to happen? When the price of Bitcoin in the Chinese market declines, in India it rises on the demand of Bitcoin and the consistent growth of Bitcoin trade volume every day. The deterioration of financial turmoil and economic uncertainty in the country has raised serious concerns on the long-term and short-term performance of the local currency