Bitcoin Trading in India Down 90%

Currently the Crypto Exchange in India is experiencing major uncertainties over its operational future. this uncertainty occurs as a result of pressure from regulations and restrictions imposed by government and local banks in India that have affected the trading and exchange of cryptocurrency in India. Bitcoin's trading volume in India has fallen by 90% in the last two years.

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The Crypto Rules in India Are Increasingly Tightened

Authorities in Delhi have issued warnings and threats about the use of crypto currency in India. They claim that the crypto currency is not considered a valid payment instrument in India, because there is no clear regulation yet.

Some government officials acknowledge that it is impossible to do, instead of forming a comprehensive and enforceable legal framework in the near future, Until now, there is no official mandate from the Central Bank of India (RBI) on the action to be taken. However, commercial banks have taken the initiative to tighten their rules to crypto currency client accounts.

The largest financial institutions in India, including Citibank, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, and State Bank of India, have also suspended hundreds of Bitcoin trading accounts. They also enact protective measures to limit crypto transactions by ordinary citizens.

Some Crypto Stocks Closed

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The limits applied in India led to a significant decline in Bitcoin and other crypto trading transactions on the Coinsecure platform. Mohit Kalra, Coinsecure's Chief Executive, said: "The decline in trading volume is at least 90%, from an average of 300 - 400 BTC per day in December last year, to around 30-40 BTC per day."

The worst impacts were experienced by two Indian platforms, Btcxindia and Ethexindia, which already served about 35,000 active subscribers. But they were forced to close operations from 5 March due to uncertainty of Bitcoin rules and regulations at the time. These types of prohibitions are unfortunate given the large number of crypto market enthusiasts in India.

News Refer : https://news.bitcoin.com/bitcoin-trade-drops-in-india-amid-uncertainty-and-clampdown/