It was December 2017, and there was a mad rush for Bitcoins. Prices of the cryptocurrency touched a high of $20,000 in the global market, and Indian crypto exchanges rejoiced as volumes grew exponentially.
Ashish Singhal, who runs cryptocurrency exchange aggregator CoinSwitch, says that around December last year and January this year, $75 billion of cryptocurrency was traded every day, and India saw volumes of $100 million traded daily, which did not last long and where the value of cryptocurrencies fell to $10 billion.
The reasons for a loss of world capitalist interest in cryptocurrencies area unit several and will be attributed to majors like Facebook prohibition ICOs and crypto advertisements. Other reasons may be lack of trust thanks to accusations around international exchanges like Bitfinex for unnaturally hyping costs of Bitcoins.
These alternative factors may have a diode to the autumn in the Republic of India. In Budget speech, Feb 2018, minister of finance Arun Jaitley expressed the government’s reservations towards crypto assets and thoroughbred it absolutely was not a tender.
The money from the Republic of India (RBI) restrained banks and registered financial establishments from providing any service in relevancy virtual currencies. Its circular titled Prohibition on dealing in Virtual Currencies (VCs) expressed the last date for banks and alternative establishments to drag the plug on these services last month.
Crypto Exchanges Going Global
Over the past few months, Indian crypto exchanges are reconnaissance for opportunities in international markets. Cryptocurrency players don’t seem to be smitten by a rustic. The problem is that there are a unit international players, that area unit already job to international geographies and area unit a lot of refined in terms of technology and merchandise.
According to Your Story, in this pilot, with most investors have pulled their money out of these crypto startups, the entire industry seems to be in a flux. The hearing by the Supreme Court will only be a breakthrough one, which will agree on the fate of this industry in the coming days.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]