Even though the current cryptocurrency situation in India doesn’t look all that appealing, most investors aren’t too worried. There is a growing group of cryptocurrency traders who remain confident that Bitcoin and its cohorts will overcome the upcoming bank ban. Cryptocurrencies have seen many setbacks over the years, and it seems this will be another footnote in the Bitcoin annals.
India’s Bank Ban Has Little Effect
It is always interesting to see how the general public responds to new regulations imposed upon the cryptocurrency industry. Although banks and governments think they can directly influence this ecosystem, the reality is often a bit different. Attempting to prevent customers from accessing cryptocurrencies usually has the opposite effect, for obvious reasons.
In India, an initiative is set to go into effect preventing banks from dealing with cryptocurrency trading platforms altogether. Some banks have already suspended the accounts of local exchanges, although others are not inclined to take a similar approach as of right now. It is evident that this measure will not dissuade people from trading cryptocurrencies by any means, as it seems the exact opposite is taking place.
More specifically, the Bitcoin and altcoin trading volume in India has surged over the past week. All exchanges have seen an influx of new users looking to buy and sell cryptocurrency before the official bank ban goes into effect. With the Reserve Bank of India giving financial institutions a three-month window to get their affairs in order, it is evident most firms will continue to support exchanges and trading platforms for as long as possible.
This also means we will see significant trading volume in India for some time to come. Investors are more than willing to convert rupees to cryptocurrency, mainly because the latter form of money has a lot more potential. Even if centralized exchanges were to be shut down because of this bank ban, the OTC trading market would continue to thrive, as it is not subject to these regulations by any means.
Overall, there appears to be a genuinely positive sentiment in the Indian cryptocurrency space. Government officials are not inclined to ban cryptocurrency trading, even though this measure by the Reserve Bank of India will shake things up quite a bit. Crypto-to-crypto trading platforms will always remain accessible, and it is evident the peer-to-peer trading markets won’t be going anywhere either.
Whether or not this means we will see more positive cryptocurrency price momentum is a different matter altogether. Issues created by governments and central banks have far less of an impact than they did a few years ago. It appears the cryptocurrency revolution cannot and will not be stopped, despite the best efforts of government officials all over the world. If market confidence remains this high even when the going gets tough, the remainder of 2018 is sure to be very interesting.