Heard about ‘Indicoin’? This market expert thinks it can be India’s answer to Bitcoin

Bitcoin has taken the entire world by a storm in the last two weeks or such due to a sudden surge in its price. The popular cryptocurrency, due to its volatile nature, has even struck fear among others and confused the heck out of the rest of us. At the time of writing the report, Bitcoin was trading at $16,763. Bitcoin even made a stunning debut on the futures exchange last Sunday. The cryptocurrency surged as much as 25 percent during the debut session on Cboe Global Markets Inc.’s exchange. The trade was so active that it triggered two temporary trading halts meant to cool volatility. The euphoric rise in cryptocurrency has attracted numerous investors worldwide. However, here’s one investment expert who thinks it’s time for India to develop its own cryptocurrency. “There is a tremendous amount of interest in the Bitcoin and I have to regret saying that, I am eminently disqualified on commenting on Bitcoins. But, I have one more suggestion, instead of entering into Bitcoin at $200 billion market cap, why not we create ‘Indicoin’,” said Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Company to CNBC-TV 18 on Monday. India is home to more than 40 crore internet users, and can easily create a virtual currency with the high-quality computational skills it possesses, he added.