INDIAN CRYPTO-EXCHANGES REGISTER RECORD TRADING VOLUMES
Despite the banking limitations and the uncertainty of regulatory measures, the Indian crypto currency exchange noted an increase in trading volumes every month.
The head of the Indian crypto-exchange Wazirx Nischal Shetty in an interview with Bitcoin.com noted that “in the flat market, accompanied by Bank restrictions”, the motivation for trading in India is not a lot, but with the rise in prices, the situation has changed.
After the April ban the Indian Central Bank on the cryptocurrency exchange service, Wazirx, like many other cryptocurrency exchanges, circumvents the prohibition of p2p platform opening. Despite all the difficulties, trading on the crypto exchange “breaks records every month”, and now the figure has grown to 200 BTC per day, Shetty notes: “200 BTC in 24 hours is an absolute record and the highest value among Indian crypto-exchanges.”
The volume is also growing on the LocalBitcoins platform: on December 22, the weekly volume exceeded 302 BTC.
It is expected that new regulation in India will appear in the near future. The head of the intergovernmental Committee on cryptocurrency industry policy confirmed that the legislation can be finalized within the next two weeks.
The head of the crypto currency exchange Wazirx is configured optimistic in respect of the upcoming regulation, but has been actively campaigning for the development of the regulation, which would have helped the development of the sector, noting that if “the campaign grow, it will be harder to ignore it.”