- Rich Indians are investing in spot BTC ETFs using their yearly remittance quotas.
- The Central Bank of India has warned investors against trading cryptocurrencies.
- Vested Finance has witnessed buy volumes exceeding $5.3 million.
Spot Bitcoin Exchange-Traded Funds (ETFs), approved on January 10 in the United States, have lured wealthy Indians who are making use of their yearly remittance quotas to trade these funds, irrespective of the country’s central bank’s warning against digital assets.
According to a report from Bloomberg, affluent Indians are leveraging the Reserve Bank of India’s Liberalized Remittance Scheme (LRS), which allows citizens to remit up to $250,000 annually, seizing the opportunity to diversify their portfolios and gain exposure to cryptocurrencies.
Platforms like Vested Finance, catering to Indian investors seeking overseas investment opportunities, have witnessed a surge in demand for Bitcoin ETFs. With trading volumes exceeding $5.3 million, predominantly fueled by buy orders, it’s evident that there’s a strong appetite for these ETFs among Indian investors.
It is important to note that US spot Bitcoin ETFs have witnessed more than $…
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