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Given the international attention that the Indian crypto community has garnered and steady change instances of the government bodies, the Indian crypto community has their hopes pinned on the outcome of the case. For more information visit this link. http://bit.ly/2Ocjm4O
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Crypto World At Your Finger Tips! www.cryptoknowmics.com
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6 ● Many Indian Crypto-Exchanges tasted success in its early days and gained traction in 2017, but went bust due to the RBI's circular. We will look into some of the most prominent exchanges which had to either relocate or shut an established business. www.cryptoknowmics.com
7 ● One of the most notable Indian exchanges which was founded in 2014 and launched in 2015 and raised $1.1 million in two seed funding rounds. It was among the highest trading volume generators among Indian exchanges before it decided to shift its operations to Malta. The platform also boasts of over 3 million users worldwide. ● A recent email from the firm to its Indian customers suggested that the exchange is going to make a comeback in the coming months. ● ZebPay is estimated to generate around $68.9 million in annual revenue and a majority of its traffic still comes from India. www.cryptoknowmics.com
8 ● Koinex, a Maharastra based crypto exchange which was founded in 2017 announced its closure due to the banking ban in June 2019. ● Koinex has managed to gain popularity in a very short period of time and was attracting a lot of Indian crypto traders on the platform. ● The exchange was generating an estimated $1 million in annual revenue before it decided to shut down. www.cryptoknowmics.com
9 ● UnoCoin was established back in 2013 and is among the very first crypto trading platforms in India. The crypto exchange primarily offered Bitcoin through its platform and later added other crypto pairs to its trading list and even right before the unfortunate banking ban, the platform was registering almost 100 BTC worth of daily trading volume. ● The platform is not officially shut, however following the RBI notice it stopped deposit and withdrawals from the platform and is currently waiting for the verdict of the supreme court in the ongoing lawsuit filed against the RBI. www.cryptoknowmics.com
10 ● The platform is not officially shut, however following the RBI notice it stopped deposit and withdrawals from the platform and is currently waiting for the verdict of the supreme court in the ongoing lawsuit filed against the RBI. Cryptoknomics got in touch with Sathvik Vishwanath, the co-founder and CEO of the firm to get his views on the impact of RBI's circular. Vishwanath told, "RBI is not a private business to take such unilateral decisions. It was to construct a panel with industry leaders, experts and policymakers to study the policies abroad and their similar applicability in our country before coming up with such knee jerk reaction." www.cryptoknowmics.com
10 ● BTCXIndia was also among the earliest Bitcoin exchanges in India which was founded in 2013 and was also considered among the most precautionary ones as it implemented KYC and AML regulations even when there was no necessity for such compliance. ● The exchange also offered instant INR deposit and withdrawals before the RBI circular came in. The exchange had shut its operation back in 2018. Cryptoknowmics reached out to BTCXIndia for comments, but the founders refused to give their input as they haven't been following the ongoing Supreme Court hearing and have shifted their focus to other sectors. www.cryptoknowmics.com
11 ● BuyUcoin is among the first proper cryptocurrency exchanges in the country which offered digital Asset Exchange and Blockchain Wallet service and catered its services to more than 200,000 users at its peak. ● The platform also boasted of handling more than $30m in transactions with digital currencies like Bitcoin, Ethereum, Ripple, NEO, Bitcoin Cash, Dash. ● The firm had estimated yearly revenue of $1.4 million at its peak and although it's active today, the platform has lost the shine of its early days. www.cryptoknowmics.com
12 ● These are just a few crypto exchanges and service providers which were generating millions in direct revenue at their peaks before the RBI ban kicked in and forced them to either shut their business or try to survive without the banking facilities. ● These exchanges and their numbers clearly indicate that India could have been a major force in the fintech industry by now if the central bank had taken the right approach. www.cryptoknowmics.com
13 ● WazirX was founded back in 2017 when the Bitcoin craze was at its peak, however, the exchange soon became the voice of the Indian crypto community with its #Indiawantscrypto campaign which drew attention from all around the globe. ● Apart from running social media and public awareness campaign around cryptocurrencies, WazirX worked equally hard to ensure that it continues to help the Indian crypto community trade digital assets with ease and convenience. www.cryptoknowmics.com
14 ● The stance of the central government towards digital assets looked quite passive in the past 2 years, however, the ongoing supreme court case has given a lot of confidence to the Indian crypto community. ● The RBI vs Crypto case is one the verge of conclusion as both the counsels, RBI and IAMAI have concluded their argument in the hearing and judgement might arrive in the next 2-3 weeks. ● The Indian National Institute for Smart Government (NISG) has published a draft “National Strategy on Blockchain,” which unlike the draft bill has recommended regulations as the way to move forward. www.cryptoknowmics.com
15 ● The report makes note of blockchain technologies, smart contract applications, challenges to blockchain adoption, the societal impact of the technology, the role of government, and national strategy principles. The report noted that the government authorities lacked clarity and awareness about blockchain technology. "Government of India along with RBI come out with a Central Bank Digital INR (CBDR) administered over a public permissioned blockchain that processes transactions through a Turing complete virtual machine allowing decentralised applications to run on its platform." Sources https://www.cryptoknowmics.com/news/indian-crypto-ecosystem-garneri ng-international-attention-despite-rbi-fiasco www.cryptoknowmics.com
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