India: will ban influence a crypto sphere?
Cryptocurrency industry is interested in a cryptocurrency ban effect in India. Recently, the same story in China has crashed BTC price on 50% in 2017. What scripts are possible in 2019?
Surely, the consequences will be. For Indian crypto market — terrible ones, for global-more tolerant. Restriction will affect blockchain-projects development and dapps(decentralized applications), quite developed among Indian it-enterprises.
However, the volume of crypto bargains won't change globally. Most of the exchanges have stopped their activity in India at the very beginning of regulatory confusion. Indian market takes a very small part of world trading.
However, even the ban itself is still unproven. Head of Ministry of Finance in his interview from. 29.07.19 has promised to get acquainted with this question and report about the results. Government of the country doesn't give any comments.
Currently, despite the restriction of Indian banks for serving crypto currency accounts, Indians are trading at world market quite actively since 2019.
Weekly trading volume at LocalBitcoin in India hasn’t lowered generally. There is also a VPN with the help of which there is a possibility to trade but it's fairly risky.