Beautiful Virgin Islands

Sunday, Oct 05, 2025

Crypto Trading Is Booming In India Despite Central Bank's Scare Tactics

Crypto Trading Is Booming In India Despite Central Bank's Scare Tactics

According to a local media source, crypto trading in India is on the rise. This comes as the Indian government is mulling over a ban on private digital currencies, which they say is necessary to protect investors. But, based on the rising popularity of local crypto exchanges, it appears that people remain unfazed.

India Proposes Crypto Ban

Talk of a crypto ban in India has been ongoing since 2018. Back then, the Reserve Bank of India (RBI) sought to turn the taps off by stopping financial institutions from dealing with cryptocurrencies.

“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies].”

But the country’s Supreme Court overturned this ruling in March 2020 because it was deemed unconstitutional. Although many saw this as a victory for common sense, that victory was short-lived.

The start of 2021 saw the introduction of a sovereign digital currency bill. It laid out the framework for a central bank digital currency while also stipulating a ban on private cryptocurrency. The move was met with a massive backlash.

Finance Minister Nirmala Sitharaman later responded by saying they have no intention to close down all options. Adding that the government is open to the idea of windows of experimentation.

“From our side, we are very clear we’re not shutting all options off. We will allow a certain amount of, a window for people to use, so that experiments in blockchain, Bitcoin, or whatever you may want to call it.”

What this means exactly has yet to be determined. But, it’s reported that failure to comply could result in jail terms of up to 10 years.

India’s Leading Exchange Reporting Record Volume


Despite the uncertain regulatory situation, India’s biggest exchange, WazirX, is enjoying record business.

Last month, it recorded its highest-ever daily trading volume at $419 million. At the start of 2021, this figure stood at just $17 million. Add to that a doubling of users, from one million to two million, in the first quarter of 2021, and it seems as though Indian investors have not lost their appetite for crypto.

However, in a throwback to 2018’s RBI ban on financial institutions dealing with crypto, reports have emerged today that banks are blocking the payment gateways of cryptocurrency exchanges. WazirX CEO Nischal Shetty pointed out that current legislation does not prohibit banks from dealing with crypto businesses.

“It’s not fair that the crypto industry has a clear go-ahead from the Supreme Court of India, and yet banks deny banking to the industry.”

Bitcoin-bull Anthony Pompliano recently said that banning Bitcoin will backfire considering there is no single point of failure. He added that embracing crypto will be more beneficial from an economic prosperity point of view.

Source: Crypto Trading Is Booming In India Despite Central Bank's Scare Tactics - Fintechs.fi

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
Nvidia Pledges Up to $100 Billion Investment in OpenAI to Power Massive AI Data Center Build-Out
U.S. Signals ‘Large and Forceful’ Support for Argentina Amid Market Turmoil
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
Vietnam Faces Up to $25 Billion Export Loss as U.S. Tariffs Bite
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
×