According to local news reports, India’s oldest exchange for trading cryptocurrencies, ZebPay, aims to double monthly transactions after an explosion in demand, despite concerns of looming curbs from the nation’s authorities. The cryptocurrency exchange with about 4 million customers expects to churn $27.6 million worth of trades per month, said chief executive officer Rahul Pagidipati. While that’s still less than one-fifth of trades handled by top U.S.-based exchange Coinbase Global Inc., there is a vast untapped market in India, CEO added.
India’s potential investor base is 100 million.
“India holds less than 1 percent of the world’s cryptocurrencies, and its potential investor base is 100 million,” said ZebPay CEO, who started investing in digital coins about ten years ago. The future for crypto trading in India seems to be surrounded by uncertainties after the central bank and government’s expression of concern fueled speculation that an out-right ban of private coins may come into force. Bitcoin, the leading cryptocurrency, soared to a record high this month amid more signs of adoption from institutional finance organizations.
India plans to criminalize the use of cryptocurrency.
As reported earlier, the proposed bill in India can be one of the world’s strictest actions against crypto. It would criminalize possession, issuance, mining, trading, and transfer of crypto, which could leave a big dent in the crypto market in Asia. The COVID-19 pandemic had pushed people to seek alternative payment routes, and India was among the countries witnessing a growing population of peer-to-peer users. The anti-crypto measures align with a January government plan that called for banning all cryptocurrencies such as bitcoin while building a framework for an official digital currency.