Cryptocurrencies are surging in India, with the price of a single coin rising to $1,100 on Tuesday.
The launch of the crypto-currency, which has raised questions over its security and anonymity, is expected to lead to a surge in demand.
This comes at a time when Indian banks are facing a shortage of funds due to the high interest rates and the recent demonetisation drive, according to the Reserve Bank of India (RBI).
India has a burgeoning crypto-trading market with transactions on its exchange rate of $6.7 billion last year.
It also has a large number of digital assets, with many being created by Indians themselves, such as Ethereum and Litecoin.
The rise in popularity of digital currencies has been driven by a shift towards the use of blockchain technology, which is used to record and record transactions in a peer-to-peer way.
India has about 15 million people using digital currency, with transactions worth $9 billion a year.
India also has the world’s largest trading volume of crypto-assets, including bitcoin and ether.
As a result, there are a lot of digital asset exchanges in India.
They are run by banks and other financial institutions, but many of them are not regulated by the RBI, and they operate as a sort of shadow economy.
The RBI is monitoring the market closely, and it is also planning to make crypto-currencies an official reserve currency.
The rupee is also rising against the dollar.
In addition to cryptocurrencies, there is a growing interest in ethereum.
This decentralized, digital asset is backed by blockchain technology and is expected by many to surpass bitcoin as the biggest cryptocurrency.
This will boost the rupee and push up the value of the rupees own currency.
Bitcoin is the world-wide leader in digital currencies, and its value is rising rapidly.
It has surged over 200 per cent over the last year, and has been a favourite for investors due to its low cost and easy-to use.
It is still far from being a world-beater in terms of market capitalisation, but it is on track to overtake bitcoin within the next five years, according a report by Capital Economics.
Ethereum, on the other hand, is a blockchain-based digital asset which has a lower cost of entry.
Ethereum is also backed by digital assets from around the world, such the digital currency Bitcoin Cash.
It currently trades at $1.23.
Ether, which started out as a cryptocurrency backed by a distributed ledger, is another popular digital asset that is not backed by an actual digital currency.
It trades at around $3.20.