The Ultra Coin Trader purchased a titan trading coin on Wednesday, sources told CoinDesk.
The titan trade was listed for Rs 1,900,000 on a digital wallet on CoinTrader, a leading marketplace for digital tokens, in a deal valued at around Rs 8,000,000.
The transaction is believed to be a first for the Ultra Coin Trading Association, a trade association that monitors digital token transactions.
The trader, who is not identified, is said to be working as a “trader in India” with a firm that specializes in trading digital tokens.
The Ultra Coin Traders’ Association, however, did not respond to CoinDesk’s requests for comment.
The trade comes amid a broader crackdown on trading in digital currencies in India, where the government has also introduced tougher restrictions on the cryptocurrency market, including introducing a 10-day ban on the use of digital tokens and imposing capital controls.
On Wednesday, the country’s finance minister announced a ban on digital currencies, including Ethereum and Bitcoin.
India has seen a surge in trading in cryptocurrencies in recent months.
On October 9, the central bank banned Bitcoin withdrawals and issued a warning to investors about the volatility of the crypto-currency.
In November, the Reserve Bank of India said it would begin curbing virtual currencies such as Ethereum.
The crypto-currencies have soared in value, and traders have begun using them to buy and sell in an unregulated market, according to CoinMarketCap.
In December, the price of one ether was worth nearly $1,500, and it has continued to rise since.