Despite multiple warnings Indians still Rush to open Crypto Accounts

The Indian government has been actively issuing warnings regarding the risks of investing in cryptocurrencies such as bitcoin. However, Indians are not deterred, crowding to register at crypto exchanges in the country.

The Indian government has repeatedly warned about bitcoin and other cryptocurrencies.
This week, Finance Minister Arun Jaitley reiterated in Lok Sabha that cryptocurrencies are not legal tender in India. Last week, the finance ministry issued a warning, stating that they are “like Ponzi schemes.” Several parliament members also expressed concerns over their trading at crypto exchanges. Meanwhile, the Reserve Bank of India (RBI) has issued multiple warnings of its own. Last year, the bank issued two warnings regarding cryptocurrencies, one in February and one in December.

Indians Still Rush to Open Crypto Accounts

“The cryptocurrency craze has increased so much that there is a long waiting for registration” at crypto exchanges, the India Times reported on Thursday.

Data from a leading Indian cryptocurrency exchange, Unocoin, reveals that only a thousand people had registered to trade on the platform in December 2016. However, that number grew to an average of 10,000 a day last month, the news outlet added.

Another local exchange, Coinsecure, also reported an overwhelming volume of registrants. The exchange has posted a notice on its website saying “we have a huge backlog on KYC’s so please expect a delay of over 10 days before we contact you.” The publication noted that the company has “also stopped the option to make payments without verification,” adding that “On average, around 4,000 applications are coming in each day for registration.”

Source: https://news.bitcoin.com
Image Source: