India is the world’s second most populated country and right now, it is increasingly embracing cryptocurrencies amid the domestic economic issues as well as the coronavirus-related lockdown. As we can see from the cryptonews now, India sees crypto trading volumes shooting higher due to the COVID-19 pandemic.
It all started on March 4, when the country’s highest court quashed a Reserve Bank of India (RBI) order which was dated for April 6, 2018 – prohibiting banks from providing services to entities dealing with cryptocurrencies. This is when the activity on exchanges started increasing.
“There has been a considerable increase in trading volumes on exchanges catering to Indian clients due to the clarity offered by the Supreme Court’s ruling,” said Ashish Singhal, who is the CEO and founder of the cryptocurrency exchange CoinSwitch.
The crypto banking services platform Cashaa India noted that there was a spike of 800% in the past 48 hours in the trading volumes following this decision. So, it is clear that India sees a rise in this trading aspect – “the platform also registered a volume of 600+ BTC in the first 24 hours,” said Cashaa CEO Kumar Gaurav.
Even though back then the Indian traders were in a rush mainly because of the rumors that the government would intervene by declaring cryptocurrencies illegal, India sees a spike in crypto trading now and every trader is looking to take advantage of the time window offered by the Supreme Court’s ruling.
The momentum remains storing and as the Bitcoin news today show more increases, it will likely go up in the near future. The activity on exchanges in India further improved after the fourth largest lender in the country, Yes Bank, collapsed on March 6 and damaged the confidence that Indians have in the national banking system.
This is how a national panic was triggered – and why now India sees a potential havoc. However, the prices of crypto remain strong and the exchanges are working full steam to satisfy the traders. Meanwhile, traditional markets such as equities and bonds panicked in March as the coronavirus outbreak gathered pace across Europe and the United States. India’s benchmark equity index NIFTY 50 dropped by 23% as a result, while the Indian rupee hit a record low of 77.40 per US dollar.
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