The demand for Bitcoin in India dominated the cryptocurrency media space last week, as the demonetization push has opened up arbitrage opportunities, whereby the price in Rupees significantly exceeds the US Dollar price; bitcoin is trading on LocalBitcoins in India at over 60,000 Rupees, equivalent to roughly $875 at the current USD-INR exchange rate. Also, bitcoin’s strength has been buffeted by a weakening Yuan, prompting buying interest from Chinese investors.
Central banks also stole the limelight last week, with the Riksbank stating their intention to create a digital Krona for Sweden. Moreover, the People’s Bank of China took another step closer towards the implementation of a national digital currency, whereby the scientific research arm of the central bank issued a call for developers to study cryptocurrency architecture.
Finally, the emerging divide in the Bitcoin community was exposed