Even with the government proposing ban on Crypto, India’s largest crypto exchange crossed $2 billion in trading volumes in Feb

Even with the government proposing ban on Crypto, India’s largest crypto exchange crossed $2 billion in trading volumes in Feb

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  1. India, being home of one of the best internet tech guys in the world. The government tries to ban an internet thing (crypto). I don’t know how the government is planning to enforce that knowing that the very purpose of crypto is to minimize if not evade government control and the tech guys definitely knows that

  2. The budget session is already over, where the speculated crypto ban bill was expected.
    Meantime #IndiawantsCrypto was trending on Twitter for a week at first rank.
    But now the bill is very unlikely in this year or may be it will never come.

  3. tldr; WazirX, India’s largest cryptocurrency exchange, nearly doubled its trading volumes month-on-month in February, despite fears of a government-imposed ban on crypto assets. The company hit $2.3 billion in trading volumes on 21 February, up from $1.4 billion on 21 January, and $500 million as on 20 December. The future of crypto trading in India has been in question since the Budget session began in February.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  4. Proposing a ban.

    Yeah right, what are they gonna do? Arrest everyone in India involved in transacting cryptocurrencies or mining cryptocurrencies?.”

    This sounds like that Prohibition law back in the day. Supposedly easier today though. I don’t know about their culture and how do they see and do their business there, but the License Raj thing probably has to ease up a little bit.

  5. You’d think that a country that is still classified as a “developing” country otherwise known as 3rd world, would embrace crypto as a way to pull their country above and beyond most 1st world countries. I really hope they change their mind to allow the citizens there to spend their money as they choose, and hopefully help these people become wealthier. I 100% believe that the first developing country to fully embrace crypto will become a wealthy and developed country in a generation or less.

  6. There will always be FUD of ban in India, media likes it that way. The old bureaucrats get worked up every now and then. But the govt is smart enough to understand the possibilities. Also there are plenty of young and crypto sympathetic ppl in both bureaucracy and govt, so I’m sure nothing to worry here.

  7. Pretty sure most of that trades are people cashing out to avoid fines and jail time.

    Wasn’t there a post here by a guy from India that said he has to cash out, even though he’s not in profit? Bcs he doesn’t want to end up in jail?

  8. I don’t think they’ll pull off the ban.

    First of all, its honestly impossible to ban crypto, thats the whole point, they’ll realize they can’t do it.

    Second, as of late, a minister has said in an interview that they are aware of the growing interest and investments going on the crypto space, and they might take a decision to benefit the citizens. This comes from the constant twitter hashtags and Indian Crypto Exchanges owners lobbying up and talking to ministers in power, showing them the numbers and volumes.

    The main problem is that they don’t understand it, and thus they are scared. The general uneducated response is that it is used for illegal activities, it is volatile, it is speculative. But with growing interest, and crypto recently being talked about in financial TV channels, that might change. Lack of awareness is the problem, humans are kings of forming opinions without knowing anything.

    Fun fact: About 2-3 days ago one of the largest banks of India tweeted about Bitcoin, everyone rejoiced. The tweet was later deleted within 4-5 hours. I wonder what internal shenanigans is happening.

    There is more FUD than actual info about possible regulations/ban on crypto in India. Media just likes to clickbait.

  9. Indian folks using WazirX, I’d recommend you to move to Binance from WazirX, way more features, way more options, also accurate pricing. WazirX doesn’t even let you deposit/withdraw 95% of the coins in the name of their Rapid Listing Initiative.

    WazirX and Binance have a partnership in that you can transfer many coins from WazirX to Binance or vice-verse for zero fees.



What do you think?


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