Indian Investors Believe Crypto Trading to Cope with Central Bank’s Ban
May 7, 2018
It’s been a month since Reserve Bank of India has imposed ban on all local commercial banks to serve any crypto transactions, but market members are still full of positive thinking and believe the industry will rub through the restrictions.
Reserve Bank of India has provided a three-month term for the banks to break any links to crypto traders and exchanges. Crypto market participants also try to get the most of the time left which results into growing cryptocurrency trade volumes facilitated by the price increase. Investors take chances to change cash for crypto as after the ban introduced the only trading option will be exchanging cryptocurrency for some other one.
Despite all this most of market actors in India remain positive. Many believe such restrictions won’t stop crypto trading and hope for the government won’t tighten those.
“There is a positive sentiment in the industry that the government will not ban trading in cryptocurrencies, and even if formal banking channels cannot be used, people can move to crypto-crypto trading platforms. New investors are coming to our exchanges while existing ones are regaining interest after the drop because they’re getting good value and are making money as the prices of cryptocurrencies move higher”, noted chief executive of BuyUcoin crypto exchange Shivam Thakral.
Local crypto investors consider that as soon as the term is over crypto trading will shift to exchange or social platforms like Telegram.