Cryptocurrency Trading Volume Surges In India
Meanwhile, the fate of cryptocurrency regulation remains uncertain. Either get with the program and reap the endless benefits or watch your nation further decline, simple as that.
Cryptocurrency Trading Volume in India Surges Amid Lockdown, Regulatory Uncertainty Remains
Despite the increasing popularity of cryptocurrencies, reports on a possible law to ban crypto trading and the lack of clear rules are impeding an even more rapid adoption.
While the Supreme Court greenlighted local banks to serve cryptocurrency businesses, the government hasn’t been able to decide how to supervise this market even though several committees have presented their proposals, including two draft Bills.
Ripple executive Navin Gupta commented:
“Everything happening today is in a policy vacuum where people are doing business but don’t know what the future holds for them.”
Sagar Sarbhai, who manages Ripple’s Regulatory Relations for APAC and the Middle East, said that the lack of clarity is preventing Ripple from launching enterprise use cases for digital assets.
“Before the ban, India was among the top three or top four countries globally but now it is nowhere near that. With more clarity, a lot of players and exchanges will come and launch in India,” he added.