The volume of Indian transactions of cryptocurrencies increases despite the ban of the RBI

Despite the ban issued by the Reserve Bank of India (RBI) last April, the cryptocurrency trading volume continued to rise. With entry into force scheduled for July, fears within the community have quickly evaporated with this news.

A rise in trading volumes, prices and trading volumes

Surprisingly, as a result of the RBI ban, the price of cryptocurrencies and the volume of daily transactions have increased. Reuters reported that the value of Bitcoin India is much higher than elsewhere. In addition, the trading volume has also increased . A virtual currency exchange in India reaches a daily trading volume of $ 75 million, according to Pune.

The RBI exerted influence on local banks and financial institutions, so that they stop providing services to accounts exchanging cryptocurrencies. Traders benefit greatly from the deadline imposed, three months before the application of the ban. As for the banks, they continue to offer their services for the moment. Also, when the restrictive RBI directive comes into force, trading can still be done through private platforms.

Shivam Thakral, CEO of BuyUcoin, a cryptocurrency exchange platform based in New Delhi, said:

The government will not ban cryptocurrency trading, and even though formal banking channels can not be used, users can still register on inter-crypto trading platforms. New investors join us as existing ones regain interest after the downtrend, because they get good value and earn money as the price of cryptocurrencies grows.

 

The regulatory climate of cryptocurrencies in India

The RBI as well as the Indian government in its entirety are most skeptical, as far as cryptocurrencies are concerned. Multiple warnings were issued by the bank, an education she strove to convey to the general public.

A startup challenged the ban on the financial institution by dragging it to court. The government justified its decision by reiterating that virtual currencies fuel money laundering and the financing of terrorism. Sempiternel pretext!

Investors would have preferred a more measured approach. A regulatory framework could likely enter into force in the country, in a joint discussion between the RBI, the Ministry of Finance and the financial regulators. Yet, Arun Jaitley, the finance minister of India said last February that digital currencies should be banned.

Will the trading and trading volume of crypto-currencies continue to increase, or will the application of the RBI ban bring down the market? Tell us your opinion in the comments section below.