ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Thursday May 24th 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

India Sees Rise In Cryptocurrency Trading Volumes Despite Ban

By

Melanie

Kramer

WriterETHNews.com

Investors could be taking advantage of a three-month window before a Reserve Bank of India cryptocurrency ban comes into place.

Trading volumes have risen alongside cryptocurrency prices in India despite an impending ban on banking services for entities that deal in cryptocurrencies, (e.g., exchanges). The Reserve Bank of India announced the ban a month ago, giving financial institutions three months to cease services for cryptocurrency investors, traders, and exchanges.

Reports by Indian cryptocurrency exchange Coindelta indicate that daily trading volumes are back to around $75 million, similar to levels it saw before the rule changes were announced.

Cryptocurrency proponents and investors hope that the government will reverse its strict stance on the digital assets by introducing regulation rather than a complete ban. A panel of central bank representatives, the finance ministry, and the Securities and Exchange Board of India is expected to make imminent recommendations.

Shivam Thakral, CEO and co-founder of New Delhi-based cryptocurrency exchange BuyUCoin, expressed increased interest of both old and new investors, and said:

"There is a positive sentiment in the industry that the government will not ban trading in cryptocurrencies, and even if formal banking channels cannot be used, people can move to crypto-crypto trading platforms."

The other co-founder, Shubham Yadav, also said that cryptocurrency traders would continue despite the bank ban, so long as cryptocurrencies remained legal within India.

The government of India raised concerns that cryptocurrency use could finance illegal activity, and the finance minister declared in February that they should be banned as a payment system.

The central bank's move to disallow bank services for entities that deal in cryptocurrencies has been challenged in court, including by Kali Digital Ecosystems, which had committed investment toward creating an exchange in India. The Delhi High Court will hear its arguments against the Reserve Bank of India's ban on May 24, 2018.

The central bank's reasons for the decision included concerns about "consumer protection, market integrity and money laundering." However, it has created a working group to study the potential of a central bank-issued digital currency (CBDC). 

Melanie Kramer

Melanie Kramer is a freelance FinTech, blockchain, and cryptocurrency writer based between France and Canada. Melanie has studied, and retains an avid interest in, global politics, business, and economics.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest India, ban or other Ethereum world news.