Cryptocurrency Investors Bet Trading Will Survive Bank Ban In India
Some cryptocurrency traders in india challenged the central bank’s order in court, citing constitutional issues.
Analyst argue it would be counterproductive to push virtual currencies at from formal banking system, because it makes illicit transactions easier and put money totally out of view of regulators
People who have been trading cryptocurrencies would probably continue to do so if it remained legal, regardless of the banking ban, said 24-year old Shubham Yadav, co-founder and head of business at Coindelta.
Many investors hope that government will soften the central bank’s blow by regulating cryptocurrencies rather than banning them outright.
“There is a positive sentiment in the industry that the government will not ban trading in cryptocurrencies, and even if formal banking channels cannot be used, people can move to crypto-crypto trading platforms,” Shivam Thakral, chief executive of BuyUcoin, a cryptocurrency exchange.
Prices of the volatile bitcoin in India are back up to 618,000 rupees ($9,270), recovering from a low of 350,001 rupees after the central bank’s announcement in early April.
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