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We already reported that a senior government official from a board created by Indian finance ministry admitted that there have been ideas of creating India’s own government-backed digital coin.
Well, such cryptocurrency sentiments in emerging markets creates an idea as to which cryptocurrency exchanges would trade which currency pairings. India is now legislating regulatory framework for the crypto-avenue that were expected to be set in the month of September but have been prolonged. On the flip side, RBI, Indian central bank, has debarred financial institutions under its jurisdiction from rendering services to crypto ventures. While numerous petitions have been lodged against this ban, the Internet and Mobile Association of India (IAMAI), which is the non-profit organization has been one among the petitioner. While the apex court of India has upheld the ban by not granting the stay but has been attempting to hear these petitions but the final hearing has meticulously been adjourned.
Detrimentally, such a ban by the imperial regulatory banking authority has adversely impacted on actively operating crypto-exchanges. The country’s largest crypto trading firm, Zebpay, has recently shut down its operations abiding by the banking regulations.
Despite the ban, 32 Instashift traders mentioned that they continue to express interest in crypto investment plans even if the RBI intensifies its crackdown such as freezing crypto accounts. Couple of other traders are distinguished as the enthusiasts and aspirants in crypto trading.
What puzzles around Indian cryptocurrency approach is that, although bitcoin and some other major cryptocurrencies are perceived as the instrument to confront inflationary environment, and RBI seems to be concerned about inflationary risks as core inflation is still running hot, it rose to 6.5% yoy in June and averaged 5.7% in H1. Inflation Rate in India averaged 6.45% from 2012 until date, why is Indian central bank still be rigid instead of being liberal in investigating such new avenue of currency system?
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 75 levels (which is bullish), hourly USD spot index was at 51 (bullish), while articulating (at 08:12 GMT). For more details on the index, please refer below weblink:
