SimpleFX Blog
    Facebook Twitter Instagram
    Wednesday, August 17
    Facebook Twitter LinkedIn Telegram YouTube
    SimpleFX BlogSimpleFX Blog
    Banner
    • Home
    • News
    • Tutorials
    • Updates
    • Opinion
    • Trading Academy
    • Trading Schedule
    SimpleFX Blog
    Home»Uncategorized»Is India the Next Big Thing for Crypto?
    Uncategorized

    Is India the Next Big Thing for Crypto?

    Zach WrightBy Zach WrightMarch 4, 2020No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    Currently, the Indian Supreme Court is deciding whether or not to legalize the trading of cryptocurrencies within the country. Despite its current hazy status, demand continues to grow.

    In 2018, the Reserve Bank of India released a circular stating that they would no longer allow banks to trade in cryptocurrencies. It stated that cryptocurrencies were not real currency, and therefore should not fall under the jurisdiction of the Reserve Bank. The Supreme Court is expected to release its decision regarding this case on March 4, following petitions against the ruling. 

    [button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#3cc195″]Trade Cryptocurrencies[/button]

    Although banks cannot currently trade in crypto, peer-to-peer trading is still technically legal. Owners of trading exchanges such as Unocoin have stated that there is a growing demand for their services and that the future looks positive. Their exchange currently hosts 26,000 users every month, a figure that will only grow when the site adds launches its derivatives options.  

    CEO of Cashaa, Kumar Gaurav, stated that he sees a growth rate of 150% on his site, of people trading in cryptocurrencies. India has a population of over 1 billion people, and they are beginning to discover the new, lucrative crypto derivatives market. The development of this market has been slow in India, thanks to the ongoing court case. Still, there is already some interest, which is likely to increase exponentially if the Supreme Court rules in favor of opening the markets back up for trading.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous Article$10 Billion Worth Crypto Stolen Since 2017
    Next Article Markets Indifferent to Fed’s Emergency Rate Cut. Will Other Banks Follow?
    Zach Wright

    Related Posts

    The most profitable Trading Ideas in October

    November 4, 2021

    Indian Stock Market Steep Correction Shows Great Trading Opportunities

    November 2, 2021

    Ethereum Fresh Run Forms New Technical Outlook

    October 1, 2021

    Leave A Reply Cancel Reply

    Copyright © 2022. SimpleFX
    • SimpleFX WebTrader
    • Unilink Affiliate Tracker

    Type above and press Enter to search. Press Esc to cancel.

    We and our partners use cookies for analytics purposes and to serve personalized ads. You can view our privacy policy here and our cookies policy here
    Accept.
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT