How Indian Supreme Court Ruling Gave Cryptocurrency Trading A Boost

-



The mainstream adoption of the cryptocurrency has had its fair share of criticism and in the last two years, Asia’s 2nd most populous nation, India, has been at the centre of the saga. Crypto-related services in India received a ban in 2018 and this lingered for about two years until the nation’s supreme court stepped in and upturned the ban.

 

Has the apex court’s ruling given crypto trading a boost? Come along!

 

A Closer Look

In April of 2018, the Reserve Bank of India issued a ban on banks and financial intermediaries which prevented them from offering any sort of cryptocurrency-related services. The central bank argued that the situation surrounding virtual currencies (VCs) and crypto assets raised red flags with respect to overall market integrity, consumer protection, money laundering and other illegal occurrences.

 

The ban crippled crypto-related activities across India with several businesses and exchanges shifting their base to countries with favourable business regulations while a few others shut down. Afterwards, liquidity in India went from ‘100 to 0’ in no time at all; trade volumes dipped drastically from a whopping $60 million/day to less than 1% of the daily volume.

 

In some corners, experts branded the imposition as unconstitutional and beyond the jurisdictions of the central bank. Going forward, prominent stakeholders in the Indian crypto space took legal steps to upturn the ban in the supreme court. In March 2020, the Apex court struck down RBI’s directive and ruled in favour of the petition filed by the concerned stakeholders.

 

Upturned Ban - Crypto Trading Boost

During the period of the ban, India’s crypto sector was non-existent but after the ruling of the supreme court on March 4th, VC investors and related businesses have received a massive boost. India has now received the go-ahead to explore the cryptocurrency world and its promising technology.

 

In the aftermath of the ruling, the likes of Bitcoin and Ethereum are beginning to gain more mainstream adoption and activities on crypto exchanges have picked up progressively. CoinDCX, a crypto exchange, exemplifies the positivity of the court ruling having implemented the bank transfer feature and injecting $1.3 million into awareness and adoption campaigns.

 

Crypto trading volume on exchanges have spiked with Cashaa India, a cryptocurrency banking services platform, recording 800 percent increase in trading volume within 48 hours of the Supreme Court’s judgement. CoinDCX has also witnessed BTC/INR trade volumes go up by about 78 percent. Likewise, WazirX also recorded a 60 percent increase in trading volume; having received a total of $13 million (100 crore rupees).

 

In the coming months, India could experience an influx of exchanges with investors now more likely than ever to influence massive market liquidity. India could also experience a surge in new cryptocurrency projects which will see numerous start-ups emerge in the country’s digital currency space in the coming weeks.

 

More so, the reversal of the ban couldn’t have come at a better time; in the wake of the global pandemic which has dipped financial markets and retarded global growth. Trade volumes have increased most especially since the lockdown and this trend is expected to continue in the coming weeks.


Comments

Post a Comment

Popular posts from this blog

How to Invest in Global cryptocurrencies

-
Image
If you are new to investing in cryptocurrency, this guide is for you! Sifting through dozens of articles can be a nightmare, when all you are looking for is a simple blueprint on how to get started. I was once in your shoes and wished I had a manual to help me navigate this new world of cryptocurrency. So, I came up with this 5-step personal guide to help you make sense of it all. 1. There are over 2000 cryptocurrencies Bitcoin was the first cryptocurrency, and its success quickly spun off hundreds of others. Much of the code of all of them is vastly similar, as it is all derived from the Bitcoin open source code.  However, each and every cryptocurrency in existence, is tailored to solve a unique problem. Thus, the modifications in their code are intended to take alternatives approaches to solutions. These differences include: • The supply of cryptocurrency in circulation • The rate of supply • The technical specifications • How they are mined • The team of developers
Read more

The Crypto Chart Leaders Report 2019 : A Summary of the First 120 Days of Trading

-
Image
The Best Performing Cryptocurrencies of 2019 For the Cryptocurrency industry, 2018 turned out to be a terrible year especially when Bitcoin value plummeted from the high ends of $20,000 to the lows of just above $3100.  This was not just about Bitcoin but other cryptocurrencies as well posted losses of 90% or more in 2018. Despite this, 2019 has already shown great potential as the trends of most cryptocurrencies looks promising so far.  In fact, many investors are optimistic about crypto markets this year. And, if the market can maintain this upward momentum, then we may expect to see much transformation as the year continues.  Crypto Top 10 Chart-coinmarketcap.com Here is a list of the best performing cryptocurrencies of 2019 that you should watch out for; Binance Coin (BNB)  Binance coin is among the most promising cryptocurrencies in the market today. At the time of writing, Binance Coin is trading at $24.35 while it started the year trading quite low a
Read more

You Don’t Like 9 to 5? You can be a Virtual Assistant Instead And Make Money

-
Image
      upwork.com Image Virtual Assistant jobs have become popular across the globe. For anyone not keen on 9 to 5 jobs, this can be an opening you should explore. This is because every organization uses the prized skills that come with the role in creating a web of order around daily activities, scheduling, and other appraisal functions. To work as a Virtual assistant, an individual must possess some or all of graphic design skills, typing skills, and telephonic abilities.  You also need a scheduling acumen, be personable, and have the ability to multi-task and in some cases, be bilingual. Some Features To Know A virtual assistant does not work on-site From its name, ‘virtual’ it means not physically present or near-enough. A virtual worker is not an on-site employee but carries out assigned duties from a remote location.  Her essence is seen in the work done and the completion of duties for which she was recruited, A Virtual Assistant is a freela
Read more

Cryptocurrency Global Report 2018: How the Leading Tokens and Coins Fared

-
Image
2018 was not a good year overall for cryptos. After a strong 2017 which saw a cryptocurrency boom to almost 2,700%, it all backfired and crashed in early January 2018 when the price of most cryptos dropped by 65%, culminating with a low of almost 80% towards November. By December, things are starting to look up as most cryptos are starting an upward trend. But will this last, and more importantly, which coins are looking better than the others going into 2019 and beyond? Let’s take a closer look at the Top 10. #1 - Bitcoin The world’s most valuable cryptocurrency in terms of market capitalization didn’t have a great 2018, and because it commands 50% of the total crypto market share, it took down all the other altcoins with it, leading to the downward crash throughout the year. Bitcoin was predicted to start the year fairly strong, given its strong 2017 year end performance. Its Dec 2017 performance is in fact, one of its strongest ever, where it reached its highest ever va
Read more

Instagram or Facebook, Which One best Meets Your Small Business Needs?

-
Image
Instagram or Facebook-which one is better for marketing your small business   Small business owners who have an insight into how social media can help their marketing goals, will have to decide on the platform that best meet their needs. To make a decision on small business marketing using social media platforms, there are some variables that have to be taken into consideration and they include: 1. The market segment you are targeting Facebook offers everyone a chance to be seen and heard in Africa, but a larger percentage of users are predominantly a mix of the youthful and middle-aged.  Instagram is a platform that is dominated by students and young professionals in many parts of the world. A look at the kind of product or service that is an attraction to this set of users will provide leeway in making the decision on the platform to use.  While other factors like the location you are targeting and the product or service on offer also matter, a h
Read more

How to Teach Music in an Effective Manner to Early Learners and Other Beginners

-
Image
Image from cosmopolitan.com When teaching music to beginners, there is a need to adopt a method that makes the process simple easy and interesting. Here are a few options: The Kodaly Approach This method adopts the belief that music education is at its best when it commences early in the life of the learner. This is steeped in the idea that musical literacy is possible for everyone and in this wise, singing is encouraged as the basic foundation for development. The vital approach is to introduce music to beginners, including children, at a level they can understand. This will include routines like singing, playing of percussion instruments, chanting, dance, movement, drama and stimulation of the learner’s intuition. There are different materials used to teach musical concepts that vary according to the age of the learner. But for the basics, it would entail listening, singing and understanding. Based on this, reading, writing, and creation of music will follow. A certifie
Read more

Here Are 8 Practical Ways You Can Shed The Debt Burden

-
Image
Every crisis can be managed with the applicable skills and this includes debt as well. On a daily basis, individuals and families have to make financial decisions as they go about their lives. When faced with a debt crisis that does not involve loss of income, the following can be considered: Live By the Budget In simple terms, a budget states out what you expect to earn and spend over a period of time. When you identify the source of income , how much you expect and what you spend money on, it is the beginning of the long journey to financial discipline. To make it easier for you to manage your debt, putting a tab on your income and spending can be the first step to personal financial sanity. There are a couple of financial planning templates online that you can use if you do not have a personal financial planner. Consider Downsizing Downsizing is closely used when describing a scenario when organizations have to reduce their workforce. In personal debt managem
Read more

5 Tips for Writing SEO Friendly Blog Posts

-
Image
The use of blog posts to target consumer segments have deepened with the expanding use of the Internet and the rise in the number of digital marketers across the globe. What many people are still coming to grasp with is the style or approach that will make it easier for their blog posts to be optimized for the search engines. Here is an outline: 1. Use keywords Keywords give a sense of direction to every blog post and when the reader assimilates the content, he can tell what you set out to achieve. This is against the style of writing with no keyword concentration or focus. While this might not be wrong, it will depend on the goal you set out to achieve with your blog post. However, one of the indices required for a SEO friendly post is to use the right keyword concentration, have them evenly spread out throughout the post and maintain a central focus in your delivery.Digital agencies should never be in a hurry to splash content without considering the keywords count. 2. Ma
Read more

Humanitarian fundraising Boost with Go Fund Me

-
Image
Blockchain and Humanitarian Fundraising Since Ethereum raised the prospect of dApps being used for humanitarian purposes, many have wondered what that would look like. Now we may finally get to see one in action, one that may just revolutionize humanitarian aid throughout the world. And that organization is Go Help Fund, a blockchain for fundraising, built on top of the Ethereum platform. How does it work? Go Help Fund is a fundraising platform where people can fund causes big and/or small. Users will be able to donate either to individuals or NGOs, such as the Red Cross and UNICEF. By using blockchain technology, funding a cause can be made more directly, cutting out any third-party. This means no one can steal your donation and no one will charge you for it either. They also have a mobile app, so people can make donations from anywhere. From images displayed on their website, it appears that users will have a feed of humanitarian causes to choose from. These can range fro
Read more

The Importance of An SEO Global Services Professional For Your Business

-
Image
affiliate-101.com Image In today’s world, it is not enough to have a business idea or set up shop anywhere in the UK without considering the input of a reputable SEO Services Global professional in positioning your business for success in a dynamic landscape. As a proven service provider, we will enable you appreciate the dynamics of E-commerce, Internet marketing, and the new frontiers of the Internet. Understanding the Elements of a Website Websites thrive when a couple of factors and elements are positioned accurately for them to have the desired impact and make the contributions expected to grow your business. In this regard, there is the need for conceptualization, planning and a sequence of steps that needs to be directed to make the desired impact. Vital elements such as content, title, layout, graphics, and a host of others -need to be well considered and appraised for your website to have the desired impact. This will enable it get the ranking you desire in search
Read more