Cryptocurrency trade Volume Jumped Upto 400% in India During COVID-19
The trading volume of cryptocurrency in India has increased by 400 percent in just a few days. Since the Supreme Court (SC) lifted the ban earlier in 2020, the boom of crypto trading is also taken to have increased since the lifting of the ban.
In fact, according to a report by CoinDesk, the cryptocurrency trading market has been booming in India since the beginning of the year. Despite the lifting of trade restrictions, the lockout also urged people to stay home, and many of them spent more time on their desktops and traded more.
The trading volume has been quite robust in the past few days, with a 400% jump in trading volumes in just a few weeks. She also said: “The numbers are becoming more and more consistent with the fact that it is becoming a valid asset class for commercial activities.”
Khurana added that regulators can no longer look away from this but fundamental issues like classification and taxation need to be addressed. More entrepreneurs are expected to get on the trading wagon, according to a report by the Indian Institute of Technology, Bangalore (IIT). In India, we have seen a sign-ups increase by three to four times in just a few days, “said Nischal Shetty, Founder, and CEO, WazirX.
He credited the lockdown as a significant factor in the rise in volume to the government’s decision to lock down the country’s major financial institutions and banks. The lockdown was also a major factor in the rise in trading volumes in India during the first half of the year, according to the report.
People have more time to understand and learn new things, and also more freedom in terms of their freedom of expression and freedom from government interference. Shetty said a lot of people are looking at new avenues to making money online because they do not have jobs right now, their jobs are offline and they cannot go to work.
However, the possible law banning cryptocurrency in India, as well as the possibility of a possible ban on the use of the currency in the country remains a concern. In October, the government recommended against cryptocurrencies in India, citing the risk of volatility in prices. The government has recommended cryptocurrencies for India in the past, however, in a report in October 2016, as well as in March 2017, and again in April 2017.
Although the SC has allowed banks to offer services in virtual currencies, the Centre has failed to figure out how to regulate the segment, despite several committees making proposals, including two bills. He said like the Internet and Mobile Association of India (IAMAI) is working on a code of conduct for cryptocurrencies.
Part of IAMAI is trying to come up with regulatory pointers for the use of cryptocurrencies in the country, especially in areas such as banking, insurance, and payment systems. Guidelines such as
KYC will address all concerns about money laundering and illegal activities, “said Ravi K. Kishore, director-general of IAMAI and chairman of the IAMAI Board.
