India’s oldest crypto exchange platform ZebPay believes that its trading volume will double to $2 billion in the coming weeks. ZebPay is a crypto exchange just like America’s Coinbase. It was founded in Gujrat in 2014. Currently, the platform has over 4 million active customers.
The cryptocurrency world for Indians is one with a bit of an obstacle following their government’s ban on the use of cryptocurrencies and indulgence in crypto-related activities. Amidst all of this, ZebPay still records a high trading and exchange volume via the platform. The ban on cryptocurrencies may have deterred many, but it seems it is still business as usual.
CEO of ZebPay, Rahul Pagidipati, speaks about the recent explosion in demand. From his statements, he seemed very optimistic about the rise in trading volume on their platform. Though ZebPay is available in about 166 countries, it is the go-to exchange platform for Indians. The trading behavior from this region despite the ban makes ZebPay confident in its predictions. Pagidipati is of the opinion that the ban is only temporal as the world of cryptocurrencies is not one that can be silenced.
Finance Minister’s Stance on the Matter
The Indian government has taken steps to look into the law it had earlier passed about indulgence in cryptocurrencies. This movement was supported by some traders, crypto enthusiasts, and some well-meaning individuals.
The Finance Minister, Nirmala Sitharaman, has expressed his views regarding the government’s current stand. He believes that the ban on cryptocurrencies will only be of more harm than good to the nation’s economy. He is reported to have said India cannot resist modern technology and somehow will have to catch up with the rest of the world that has embraced it.
Restricting activities around cryptocurrencies seems like shutting a whole sector, and many are optimistic the ban may be lifted soon.
Government is in Talks with RBI
The Indian government is currently going through some negotiations with the Reserve Bank of India to adjust its previous stand on the use of cryptocurrencies.
With ZebPay recording an explosion in demand, it is close to impossible to believe the ban will limit cryptocurrency acceptance in India.