Cryptotrading still alive in India despite RBI efforts

RBI bans banks from working with crypto exchanges, but Unocoin and Zebpay continue trading, already calling people to sign the petition against new regulations
08 April 2018   1150

Reserve Bank of India recently caused an uproar in Indian cryptotrading community with their ban for all RBI-regulated banks to work with any cryptocurrency operators.

RBI released a statement, with Chief General Manager Jose Kattoora as a spokesperson, that the banks should stop any partnership or affiliation with any business or person(s) that are dealing with cryptocurrencies. The banks have three month to confirm with the new regulation, or face charges and fines.

The goal for all this hassle is, apparently, to curb over the counter cryptocurrency trading and stop money laundering. Which, if one stops to think about it, is quite strange considering the fact that instead of preventing, it will magnify the problem. The legal exchanges always have an extensive Know-Your-Client policy to prevent exactly this shady stuff from happening, and they are now getting roadblocked for all the effort.

Despite the media craze surrounding this ban, it doesn't entail a ban on cryptocurrency trading as a whole. RBI only made banks stop their partnership with exchanges, which means that while there may be problems with or outright no way of converting fiat to crypto and back, trading itself wouldn't pose any problem to the users.

Still, one of the largest Indian cryptocurrency exchanges – Unocoin, has released a statement, that the clients' funds, be they fiat or crypto, are safe on the platform and the users can still trade and utilize their money as they see fit, even withdraw them to fiat. At least for now.

Mirroring the competitor, Zebpay also announced that there shouldn;t be any problems with trading itself, but in this case they've preferred to cover ther back with a remark of possible problems with deposits and withdrawals. Also of note is a passage that they can't guarantee any returns in such cases.

Already there is a huge movement underway to refute these new regulations. Several prominent players from blockchain community and exchanges are reaching to the Indian government to withdraw the ban. Also, common folk can sign a petition supporting the same agenda.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   107

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.
 

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.