It's an age of digital and financial revolution. Growing you'd have thought that the 90s and the last decade was as good as it could've been. However when there is technology in the mix the innovation never stops!
Anything old will be replaced by newer, more efficient things. That's holds true for anything in this world.
Some of the cryptocurrency exchanges in India have had a very hard time adapting to the changing environment while others have stood up to the subjugation from the central bank and come out on top.
Zebpay shuts down as it goes from the numero uno exchange in India while startups take over. Unocoin decides to step up its game with a cryptocurrency vending machine even while it doesn't have any real business currently.
Unocoin operated similarly to Zebpay. Neither was a spot exchange. However, instead of moving to other markets they are sticking with India for now and exploring other opportunities perhaps.
Wazir X, Giottus, Instashift are doing well having capitalised on the opportunity where p2p trading has become the best way to circumvent this atrocious banking services ban from the Indian central bank.
In the months to come we shall see a few interesting developments including but not limited to regulation of the market. Cryptocurrencies are likely to be either outlawed or legalised. Or perhaps only trading will be legalised. Everything else might remain out of scope. Its all speculative until these things happen.
I hope that big names in the industry such as Zebpay and Unocoin will adapt themselves to become a spot exchange. Their spreads and prices were absolutely ridiculous in the past. There is no room for market manipulation or living in denial.
The best thing for anyone in the business of cryptocurrency can do is to hold on tight and wait this out. Markets are unpredictable. Politics is also much the same. However, if we can continue pushing for what is right we might just see the changes we deserve!
Supreme Court of India has delayed the ruling on the case against RBI. However from my standpoint the writ petition from the petitioners against RBI's circular is very strong. I hope the judges presiding over the matter will do the right thing.
Until then hold on to your coins. Don't panic and don't believe mainstream media and it's predictions for the future.
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