Exchanges of cryptocurrencies experience massive growth in India
Bitcoin has a trend in popularity in India as the decentralized currency reached new price highs this week. According to several reports, the main exchanges in the country, Zebpay, Coinsecure, Unocoin and Bitxoxo, are registering unprecedented user registrations and massive trade volumes.
Cryptocurrency fever is reaching all the nations of the world, and India has been bitten by "fervor to bitcoin" for quite some time. This week, the regional publication Economic Times says that citizens of India and known investors in the region are "bullish" for bitcoin at this time. The main exchanges in India are seeing an avalanche of people trying to get bitcoins with an exponential amount of records that will take place this month. Delhi-based Bitcoin exchange executive Coinsecure Vivek K explains;
"We are flooded with requests, only in the last week we have seen twice as many registrations. Registrations are made at full capacity. "
The co-founder of Zebpay expresses the same sentiment and says that the commercial volumes of the firm INR / BTC have been through the roof.
"Every three months our bitcoin trading volumes have doubled, and that trend continues. The price movements have helped to increase the volume, "explains Saurabh Agrawal of Zebpay.
In addition, Unocoin is registering 5,000 users per day, and the user base of the commercial platform has grown from 100,000 to 700,000 this year. Another Bitcoin brokerage service, Bitxoxo, says they register 3,000 users per day, and the firm also notes that most new registrants have become active operators. Indian exchange executives even claim that 'high profile' investors are entering the bitcoin economy as well. Representative States of Coinsecure:
"There are individuals with high purchasing power, commercial companies and corporate entities that explore this space. Traders and seasoned stock analysts studying the charts are interested in investing due to the increase in price. "
However, Indian government officials are still on the fence about their decisions to regulate bitcoin and other digital assets. On Friday, December 1, Finance Minister Arun Jaitley told reporters that India has not yet validated bitcoin as legal tender. Jaitley has stated earlier this year that the exchanges have not yet received the 'green light' from the Reserve Bank of India (RBI). At the time, Jaitley said that bitcoin-based businesses were not licensed. The Minister of Finance explains that even now bitcoin is still not recognized as tender.
"The recommendations are being worked on. The government's position is clear, we do not recognize this as legal currency from now on, "says Jaitly.
India's bitcoiners still do not know what the government will decide regarding bitcoin in the future. Some time ago, an online petition that had captured more than 15,000 signatures, including the exchange executives mentioned above, was presented to the government asking them to legalize Bitcoin. In addition to the exchange records and the bitcoin volume in India at record levels, the peer-to-peer platform Localbitcoins is also seeing a massive biweekly commercial volume.
