Trading in India shifts to exchanges, Crypto-currency on peak
Crypto trading has totally been a new concept now and then. However, when the currency was trading extremely well, RBI banned crypto-related payments in April 2018. This restricted the banks to provide exchange services and restrictions on Transfer of Indian rupees. The decision had a huge impact on the trading market where the investors traded in rupees and booked the profits in rupees.
Amidst the current COVID-19 situation, former RBI governor Raghuram Rajan in a discussion with a business channel stated that cryptocurrencies would play a crucial role in a world with several central banks issuing their own cryptocurrencies. The International Monetary Fund (IMF) even released an educational video on cryptocurrency on 24 august 2020.
A sudden hike was seen in crypto-payments in India since March 2020 and it was on 5 March 2020, that The Supreme Court invalidated the ban of Reserve Bank of India (RBI) on crypto exchanges. After a loss of around 3.65 lakh per bitcoin in March, the price has gone up 2.4 times to ₹8.4 lakh, at present. The decision of the supreme court has provided a direction to traders for the adoption of cryptocurrency.