In India has dramatically increased the volume of trade cryptocurrencies, despite the fact that a month ago the Reserve Bank of India has banned credit institutions to serve all cryptocurrency transactions, writes Reuters.
Operators of stock exchanges, investors and analysts say that people taking advantage of a period of three months, which the Reserve Bank of India has granted banks to end cooperation with traders and the exchanges. Time allows them to transfer rupees in cryptocurrency via private trading platforms even after the Central Bank rules will take effect.
“The sector’s positive sentiment, we hope that the government will not prohibit the cryptocurrency trading, and even if the official banking channels can not be used, people will be able to go on cryptocurrency trading platform,” — said shivam was Thakral, Executive Director BuyUcoin, Indian stock exchanges cryptocurrency.
The price of bitcoin in India rose to 618 000 rupees ($9 270), recovering from a low APR (001 350 rupees), after the announcement of the Central Bank banning. According to the exchange Coindelta, the average daily volume also increased sharply and reached $75 million.
The government of India has taken a tough stance against the use of cryptocurrencies, fearing that they may be used to Finance illegal activities. The country’s Finance Minister said in February that they should be banned as a payment system.