Beautiful Virgin Islands

Tuesday, Jun 24, 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
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
×