Bitcoin India

First BTC/INR Trades Booked on TradeHill

Indian Rupees (INR) are now being used to buy bitcoins and bitcoins are now being used to buy Rupees.

INR funds may be deposited with the TradeHill exchange from any Indian bank.  Once funds have been received, a bid may be placed on the BTC/INR market and when there is a sell order willing to sell at that price the buyer’s order will be filled.

Those selling bitcoins for Rupees can then withdraw their INR funds at that the exchange to any bank in India as well.

TradeHill has been operating for over month now but these INR trades occuring this week were the first to execute through its BTC/INR market.

When the BTC/INR market firms up, this market will likely see a fair amount of activity from those who hold Liberty Reserve currency and wish to withdraw those funds as INRs.  TradeHill also has a BTC/LR (LRUSD) market so converting from LRUSD to INR will involve two trades.  The BTC/LR market has been favorable to those holding Liberty Reserve — enough so that even with the wide spread using TradeHill could become one of the least expensive methods for withdrawing LRUSD to INRs.

After PayPal this month added further restrictions for its customers in India, both Bitcoin and Liberty Reserve will likely get a boost.

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