Crypto exchange platforms in India have seen a spurt in trading volume ever since a Supreme writ quashed a virtual banking ban on cryptocurrencies
While Indian legislators are in consultation for a law which could bring a blanket ban on virtual currencies, Indian tech firms have said that banning tech isn't the solution
Indian crypto exchanges are attracting investments from global investors, as they witness a surge in users amid the pandemic With India's Supreme Court lifting the virtual banking ban on cryptocurrencies in March this year, global investors seem keen to enter the crypto market in India with investments in local exchange platform Cryptocurrency Press Release Distribution. Indian cryptocurrency exchanges have also witnessed a spike in trading blockchain handout distribution, volume ever since the SC quashed the 2018 Federal Reserve System Bank of India (RBI) circular which had introduced a banking ban on cryptocurrency in India, calling it unconstitutional.
Since the SC order, there has been a spurt in cryptocurrency-related activities in India, with some crypto exchange platforms reporting a 400% spike in trading activity. according to UsefulTulips.org, Blockchain Press Release Distribution the combined monthly trading volume between the Indian rupee and Bitcoin has nearly Services doubled between March and July on two foreign crypto exchanges, LocalBitcoins of Finland and Paxful of the US. Their total volume in March was $8.14 Mn. By July the figure had reached $16.26 Mn.
In fact, Inc42's Cryptocurrency Roundup from last week highlighted how Mumbai-based cryptocurrency exchange aggregator, CoinDCX, had seen a 62% month-on-month (MoM) growth in trading volume for its product Insta, since the SC order. CoinDCX's Insta, launched on Assumption , 2018, could also be a fiat-crypto exchange product that lets investors trade INR.
Users can purchase 100+ cryptocurrencies at competitive prices with on the brink of zero deposit and withdrawal fees. Also, the company said that coins on Insta are protected through CoinDCX's best-in-class security measures. Moreover, other crypto exchange platforms like WazirX, Unocoin, Bitbns, Cashaa, Oropocket among others have Bitcoin Press Release Distribution Services also witnessed a surge in users and transactions after the Supreme Court verdict.
According to CoinMarketCap, Mumbai-based crypto exchange platforms, CoinDCX and WazirX, are seeing monthly trading volumes of $8 Mn and $12 Mn respectively. While it stands pale as compared to the trading volumes for crypto exchange platforms within the West, the signs of what could be a huge marketplace for crypto trading within the near future are visible.
Global investors are also bullish about the same . CoinDCX attracted investments worth $5.5 Mn in two rounds, from sort of worldwide investors including Bain Capital of the US, in March and will after the favourable court ruling. The world's largest crypto exchange network,Binance of Malta, acquired WazirX last November, perhaps anticipating India's ban on cryptocurrency trading would be lifted soon.
While Indian legislators are said to be conducting inter-ministerial consultations on a draft law that proposes a blanket ban on cryptocurrencies in India, the stance of Indian IT and tech firms could be a deterrent. within the immediate aftermath of the SC ruling quashing the banking ban on cryptocurrencies, the National Association of Software and repair Companies (NASSCOM) said that banning technology wasn't a solution . India's biggest IT company firm Tata Consultancy Services (TCS), is additionally seen to be a firm backer of cryptocurrencies. Last month, the company launched a crypto trading platform called Quartz Smart Solution for banks and investments, along side blockchain startup Quartz, incubated by TCS.
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