When the Cryptocurrency bug bites, it really does bite hard. Amidst the banking restriction and the regulatory uncertainty imposed on cryptocurrencies by the central bank of India, a local cryptocurrency exchange, WazirX claims that they have been observing record trading volumes every month.
The CEO of the WazirX, Nischal Shetty told news.Bitcoin.com on Monday, that the recent rise in the price points of the digital tokens has inspired many Indians to start trading again. Despite the overall negative sentiment oozed from the Indian government and the subsequent warnings and bans the platform has observed record trading volumes. Shetty remarked that “In a flat market coupled with banking restriction,” Indian cryptocurrency traders have quite little to look forward to:
The recent uptick in the crypto prices has gotten a lot of Indians trading again … whenever there’s volatility people forget the problems and start trading. That’s exactly the reason why we’re seeing our volumes shooting up so fast.
Rising BTC Trading
In April, the Reserve Bank of India (RBI) released a circular that banned financial institutions under its control from providing services to crypto companies. Following the announcement, Wazirx introduced an exchange-escrowed peer-to-peer (P2P) platform in July and since than Shetty has been claiming that the response to this service has been “tremendous.”
This time around Shetty exclaimed that the platform has been “hitting new peaks in volume every month,” noting that this month’s daily trading volume to have surpassed 200 BTC for the first time.
“200 BTC in 24 hours was our record high and the highest by any exchange in India right now. Considering the banking restriction in place, this is great news for the Indian crypto sector.”
He also noted that the aforementioned figure has been achieved within nine months of the Wazirx’s launch and that too during a bear market. Somewhat supporting Shetty’s claims Localbitcoins also observe a rise in BTC traded in INR, with 302 BTC traded in the week of Dec. 22 as well as in the previous week.
Indian Government’s Aversion Towards Cryptocurrencies
To research and formulate regulations for cryptocurrencies, the Indian government formulated a panel. Headed by Subhash Chandra Garg, the country’s Economic Affairs Secretary, the panel has reportedly submitted its report to the government.
Shetty is quite optimistic about the upcoming crypto regulatory framework:
I believe in our government, that they’ll listen to our voices. I’ve been running a Twitter campaign and it’s gaining traction amongst Indian crypto users. As the campaign grows it’ll be harder to ignore.