Nischal Shetty, Founder and CEO of biggest Indian cryptocurrency exchange WazirX, recently tweeted that his exchange had doubled its trading volumes over the month of February, and this in the face of a possible ban on crypto by the Indian government.
WazirX is the largest Indian crypto exchange. It was launched back in March of 2018, straight in to a blanket ban of all crypto by the Reserve Bank of India. Times haven’t really changed too much, and as WazirX is recording its record trading volumes, the Indian government is again preparing a bill which will make it illegal to buy or sell Bitcoin and other cryptocurrencies in the country.
Cryptocurrencies, and Bitcoin in particular, are hitting the headlines across the world. From Elon Musk’s Tesla buying $1.5 billion bitcoin, to Michael Sayler’s MicroStrategy constantly buying large amounts. We also have many other moves into Crypto from the likes of PayPal, Mastercard, Goldman Sachs and the like.
However, in India things are quite different. The Governor of the Reserve Bank of India, Shaktikanta Das, commented:
- “We have certain major concerns about cryptocurrency. We have communicated them to the government. It is under consideration in the government and I do expect and I think sooner or later, the government will take a call and if required, the Parliament also will consider and decide,”
Das has said that Crypto is a worry from a “financial stability angle” and his bank has passed this concern on to the government. It might appear that cryptocurrencies could be unwanted competitors to the forthcoming release of an Indian central bank digital currency.
In response, Shetty of WazirX said:
- “Crypto is a global phenomenon. The moment a Tesla spends $1.5 billion, your wealth in India has increased. Most of your investments are very local, but in crypto, anyone anywhere in the world can affect your wealth. People in India have been joining based on all of this positive news that’s been coming,”
As some governments around the world focus on hurriedly preparing their CBDCs for release, they are perhaps throwing a worried look over their shoulders at Bitcoin, Ethereum and other cryptocurrencies that are being bought up in ever increasing amounts by retail and intuitional entities keen to take part in the crypto revolution.