Recently we have seen a lot of changes that I have happened in the field of cryptocurrency in the Indian market as it has made some decisions that are very much talked about in recent times as the stance that India had over the cryptocurrency sector has been very much changing over the recent years as it stored at a very negative aspect over a very long amount of time but in the recent times that has changed quite a bed which has a lot of discussion over it.
The central bank of the country has been very much focused on putting its opinion about banning cryptocurrency as a whole from the country which is something that the government also considered for a while but in the end the user base even though the negative news about the sector existed in the market it continues to grow and to such extend that the Indian government had to later implement taxes on the sector despite it being something that is not recognized by the government itself to be something legal which is a very big confusion that even today exist in the market of India.
India recently has taken another decision of blocking a lot of foreign exchange that has been operating in the country and sighting them as sources of money laundering as they are not registered in India as well as also a source of taxi vision that is been done with the help of this Offshore exchanges that are operating with an India and I am not working in the way that they were supposed to be concerning the tax rules that have been put in place by the Indian government as well as the authorities.
Once this news broke out a week ago it was a huge opportunity for the Indian exchanges which have been facing quite a bit of issues after the tax norms got implemented in the country as they saw their trading volumes decrease by a humungous rate as well as it did plummet to very low levels and that is now saying a bit of a regain and that too at a very tremendous and a rapid pace.
Indian exchanges such as coined dcx have reported a jump of over 2000% in crypto deposits as well and many new users are also joining a lot of other platforms operating within India such as Mudrex has got deposits of over 1 million dollars and also got around 10000 New users on its platform after the news of the foreign exchanges been blocked.
The Government of India is concerned about the fact that the exchanges that were operating in the country which include many prominent exchanges that are internationally operational such as Binance, KuCoin, etc. did not follow the laws that existed in the country as well as also not registered with India by any means which is why trading on these platforms is not something that is not going to be allowed.
It is going to be a tough situation for a while for the foreign exchange and they need to figure out a way with which they can be making themselves complied with the Indian laws that are existing and also restart their operations because right now they have to suspend their operations because their websites are been blocked right now for the Indian consumers as well as it is a very great opportunity for the Indian exchanges that had faced a lot of issues because of the tax norms that got implemented previously and now I having a very big opportunity to get the Indian audience and also giving them the best services.
It will be a very interesting thing to see how the foreign exchange is going to be handling this situation as well as how the Indian exchanges are going to be taking benefit of this opportunity that they have as well as what the government of India has in store for the future of the cryptocurrency sector that they are planned for the country of India.
India is a huge market and the user base that exists over here is immensely massive as well the cryptocurrency fair that India has in the international market is also quite humungous which is why it is a very lucrative market to exist in and is going to be a very good factor that is going to keep them for exchanges involved and also looking for a way with they can be making a comeback in the market.
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Sayu