Crypto Trading and Volume in India Unaffected by New Bill to Ban Cryptocurrency Rumour

By Chris Torres | May 13, 2019
Crypto Trading and Volume in India Unaffected by New Bill to Ban Cryptocurrency Rumour

Despite the ongoing rumor of a new bill to ban all crypto-related activities in the country, it has reportedly not affected the operations and trading volumes of crypto exchanges in the region. 

Specifically, local news outlets in India have been reporting about a potential bill to eliminate all crypto-related transactions, dubbed “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019”. Although the authenticity of the news is yet to be confirmed, some newspapers have already considered it a fact.

However, despite this rapidly-spreading bad news, Indian crypto exchanges remained unwavering. According to Nischal Shetty – CEO of the India-based crypto exchange WazirX – trading activities are still conducted normally, and trading volume has actually experienced a sharp incline since the outbreak of the rumor.

He further stated that unless there are confirmed, “concrete information” directly from the government, crypto investors in India are not at all affected by such news, and disclosed the figures of his exchange as an example, with April having the highest trading volume, and more than $11 million were processed during crypto-related transactions.

“The report did not really affect volumes at all … Unless we hear something concrete from our finance department I don’t think it’s going to affect existing traders.” Shetty claimed.

Other exchanges have also confirmed not negatively impacted by the news. Jacob Mani – head of crypto exchange InstaShift – revealed that the crypto assets ban “haven’t deterred anyone.”, and the trading figures of InstaShift has gone up ever since the popular exchange Koinex undergo system maintenance.

Ajeet Khurana – CEO of crypto asset exchange Zebpay – has also denied hearing any official news about whether there is a new bill to ban cryptocurrencies, and all rumor is just a false product created by the media.

“So it’s very interesting that the people who could ban it have never said they will ban it.” He expressed.

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