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Since Indian central bank (RBI) imposed blanket ban on cryptocurrency trading in the region, the banking services is abstained from serving crypto-firms and the government would also be pondering over a bill to legally ban cryptocurrencies. Country’s finance ministry has also proposed a bill to move in line with the RBI’s stance on cryptocurrencies.
On the flip side, few elements seemed constructive on contemplating a robust regulatory framework on cryptocurrencies.
Quite a few exchange operators have confronting these regulatory obstacles, and the issue is being heard by the Indian supreme court, the Apex court has now adjourned the date of the next hearing to November 12th.
Recently, bitcoin.com reported that the State Bank of India Chairman Rajnish Kumar has reportedly argued for cryptocurrency regulation in India, despite the government considering a bill to ban all cryptocurrencies except state-issued ones. SBI, the largest bank in India and a Fortune 500 company, is a government-owned corporation headquartered in Mumbai.
Nevertheless, amid such topsy-turvy sentiments on cryptocurrencies, Indian crypto-enthusiasts continue to deal into cryptocurrencies.
The trading volumes on some exchanges in the country have considerably been mounting.
Cointelegraph, recently, reported that South Korean exchange Bithumb’s international platform Bithumb Global is intending to launch a regulated cryptocurrency exchange in India.
While Bitcoin.com has stated that Paxful has reported steady growth in bitcoin trading in INR terms on its peer-to-peer (P2P) bitcoin marketplace. For the week ending October 26th, despite bitcoin’s price plunge below $8k, 85 BTC were traded, a 13% increase from the 75 BTC traded the previous week. In yet another case, competing P2P marketplace Localbitcoins reported 146 BTC traded in the week ending October 26thand 143 BTC the previous week.
Bitcoin price (at Coinbase) has surged more than 28% from the last 3-4 days with the mounting volumes in BTC derivatives contracts as well., currently, trading at $9,377 level.
While the CME BTC Futures (BTCX2019) has created a gap up pattern which is expected to be filled-in.
