Crypto News Flash #160: Indian RBI Crypto-To-Fiat Trade Ban Bring About Crypto-To-Crypto Trading Spike !!

Recently Indian Central Bank (Reserve Bank Of India) had prohibited all the banks to sever their connections with any crypto related business including cryptocurrency exchanges within 3 months period, indirectly banning crypto-to-fiat trading in India. 

Although, a lot of criticism has already been passed onto the RBI for their illogical decision, still that decision persist and all the banks still have 3 months to stop their services delivery to all the crypto exchanges. Although, the Delhi Court will have its first hearing on this matter on 18th May, crypto exchanges have planned something different to survive this ban.

Zebpay, Koinex and Zecoex are three major crypto exchanges in India which are potential loss-bearer in case the RBI decision will not be reversed. So, all these exchanges had to come up with something to ensure their survival and they have. 

Now, all these exchange have begun to start introducing crypto-to-crypto trading on their respective platforms so that crypto-to-fiat trading won't be the only choice for crypto traders. Now, people can trade easily with Bitcoin or other cryptocurrecies for other cryptocurrencies like Bitcoin can be traded against Ethereum, Omise Go, EOS, Golem, Ripple and much more. 

This will definitely life the exchange's reliance only on fiat to crypto trading and thus benefiting the exchanges as well as the traders. A lot of crypto pairs have been already added by crypto exchanges and more will be added in coming future. 

India has about 5 million active cryptocurrency traders. In rupee terms, the daily transaction volume varies from a few hundred to up to thousand crores, but the volume of crypto to crypto transactions accounts for utmost 1% which was negligible back then but now it might get increased. 

Let's hope a good future of cryptocurrencies and Blockchain technology in every country. 

Thanks for reading ...!!

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