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Indian Investors feel that crypto trading will continue..



A month after the Reserve Bank of India (RBI) barred regulated lenders from facilitating cryptocurrency transactions, trading volumes have surged dramatically alongside a sharp rally in prices.

Exchange operators, investors and analysts say people are rushing to take advantage of a three-month window the RBI has given banks to sever ties with cryptocurrency traders and exchanges.

Getting in now enables investors to convert rupees into cryptocurrencies, which they can later swap for other coins via private trading platforms even after the central bank's rules take hold.

Average daily volumes have also seen a sharp recovery and were as high as $75 million, close to levels before the rule changes, according to Pune, India-based cryptocurrency exchange Coindelta.

The government has taken a tough stance against the use of virtual currencies, fearing they could be used to finance illegal activities. The country's finance minister said in February that they should be banned as a payment system.

But many investors hope the government will soften the central bank's blow by regulating cryptocurrencies rather than banning them outright.

A panel with members from the central bank, the finance ministry and market regulator Securities and Exchange Board of India is expected to soon formulate a recommendation on what to do next.

Once the central bank's prohibition on commercial banks' involvement in cryptocurrencies takes effect, most trading is likely to move to peer-to-peer networks or social applications such as Telegram, according to retail investors.

Several investors and industry people feel that crypto trading in India cant be slow despite rbi rule.But more people will come forward to trade and soon India is become largest market in crypto trading.
Posted On: May 05, 2018

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