Despite the regulatory concerns which include a ban on cryptocurrency trading in the country, India is witnessing an unprecedented growth in the transactions of digital coins. The Reserve Bank of India, country’s Central Bank, has already imposed sanctions on financial Institutions for any dealing in cryptocurrency but it seems that hasn’t dampened the spirit of crypto traders.
Nischal Shetty, Chief executive officer of Wazirx, an Indian cryptocurrency trading platform, in conversation with news.Bitcoin.com, claims that the recent price hike in the Crypto market has prompted many Indian to start trading again.
The top executive noted that despite the flat run of the crypto market in the past few months coupled with regulatory restrictions, Indians are enthusiastically trading even as there is little motivation to do so. The real reason behind this surge, he elaborated, is the volatile market situation which has attracted a lot of people to forget about the problem and start trading to maximize their gains.
Regulatory Woes
Just so you know, India’s Central Bank, Reserve Bank of India issued a circular in April this year banning all the Financial Institutions under its control including Banks to provide any kind of service to the organizations dealing in cryptocurrencies. In response to this ban, Wazirx came up with peer to peer exchange platform for crypto trading which has been getting a tremendous response from customers.
The top executive said that the platform has witnessing unprecedented growth and that they are hitting new peaks regarding trading volumes every month. In this very month, the company has achieved the milestone of surpassing the trading volume of more than 200 Bitcoins.
Shetty claims that this feat (trading of over 200 Bitcoins in the 24 hours) is the record for any cryptocurrency trading platform in India. What makes this achievement even more commendable is the fact that this has been achieved within nine months of inception of the platform and amidst the bear-phase of the Crypto market.
The volumes have also witnessed growth in terms of local bitcoins which are traded in INR with 320 Bitcoins traded in the week of December 15 and December 22.
Regulatory Framework
As far as regulations are concerned, the Indian government is expected to finalize a framework for dealing in cryptocurrencies very soon in the future. To this effect, the government constituted a panel headed by Subhash Chandra Garg, the secretary for the economic affairs of India, which has already submitted its report along with its recommendations for crypto trading in the country.
The Crypto enthusiasts are quite optimistic about the recommendations of the report and hope that its implementation will lead to the legalization of cryptocurrency trading in the country. The CEO of Wazirx platform share the enthusiasm and believe that something positive will come out of the report.
On October 31st, Shetty started twitter campaign for positive regulations regarding cryptocurrencies in the Indian market. Meanwhile, the highest court of the country, the Supreme Court is all set to hear a petition against the decision of RBI to ban the cryptocurrency trading in the country in January next year.
