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Hat-tip to redditors for figuring it out. Because of the capital controls, the only way to move money in India is the hawala system where you give money to a hawala agent, shake hands on it nothing written down for safety and the money materialises in a bank account in London or New York or is delivered by hand in pounds or dollars in those places.
The new rules in India allow you to deposit your old obsolete notes at a bank and get new notes which are legal tender. But those who deposit more than , rupees are alerted to the tax authorities who check whether tax has been paid on the money. Needless to say, the wealthy and middle classes are only depositing small amounts and resorting to unorthodox methods to get their old notes either exchanged for new, or out of the country without alerting the tax authorities.
Which is the bitcoin price on Indian exchanges, and indicates that the hawala people are now using bitcoin to move money and the bitcoin price on Indian exchanges includes the hawala fee.
How long have they been using bitcoin? No-one knows, but it is an interesting development. Though I suppose if the rupee sinks further against the dollar, those who have exchanged will be in profit as their money won't have devalued further. What a great finding for so many Thanks for sharing and solving the so-called mystery.
Great piece and thanks for sharing. Now following and looking forward to reading more of your blogs. Dont think any revenue authorities have thought of this angle while catching the culprits in demonetization. Good points in this article.
Good to see I'm not the only one that is thinking about this. The cryptospace definitely feels a bit inflated. I would recommend https: The same thing has been happening with Gold. Arbitrages generally only exist because the market can't exploit it.
Mystery Solved as to why the bitcoin price in India is higher than the price on western exchanges. It's down to the hawala system. Authors get paid when people like you upvote their post.