- The Reserve Bank of India (RBI) imposed the ban on cryptocurrency trading in April 2018.
- COVID-19 is the main cause of increasing crypto trading volume in India.
- Nischal Shetty, CEO of cryptocurrency exchange Wazirx viewed that more people wanted to learn and understand about crypto
exchange rises in India as the ban on crypto trading is removed. The Reserve Bank of India (RBI) imposed the ban on cryptocurrency trading in April 2018. RBI argued that the ban was essential to curb the ring-fencing of the Indian financial structure. However, the Supreme Court of India overturned the RBI cryptocurrency trading ban from March 4. However, the lockdown due to COVID-19 is the main cause of increasing crypto trading volume in India.
Not only in India but also in other countries, the trading volume has increased during the lockdown period. This is a good sign of the adoption of crypto around the world. However, many development activities for making the transaction process easier and smoother by many front-line crypto companies also act as a catalyst for this increment of the trading volume. In the case of India, many new users also registered in trading exchanges.
Views of Cryptocurrency Exchange Executive
CEO of cryptocurrency exchange Binance owned Indian exchange viewed that more people wanted to learn and understand about crypto and use cases of some crypto tokens as they had a lot of time to spend in lockdown. He also stated that Indians want to know about crypto. He remarked recent up move of crypto made Indian people more enthusiastic.
Lockdown situation due to COVID-19 is a lot better for crypto than the period of regulatory confusion in 2018 claims one of the industry experts. People had time during the staying at home period and for this reason, they decided to download their eBook to enhance their knowledge in crypto.