Indian Crypto Traders Were Reportedly Not Affected By Proposed Crypto Ban

Nischal Shetty, the CEO of Indian digital asset exchange WazirX, has said that the recent recommendation from India’s government departments to completely ban cryptocurrencies has not had any negative impact on local crypto trading volumes.

Shetty, a computer science graduate from the Visvesvaraya Technology University, revealed he believes that local cryptocurrency traders will not be affected “unless [the nation’s] finance department [says or does] something concrete.”

$11 Million In Crypto Trading Volume In April 2019

In statements shared with Bitcoin.com, Shetty said that WazirX recorded its “highest trading volume” during April 2019 as the local crypto exchange processed over $11 million in trades.

According to Shetty, “similar news” regarding a potential cryptocurrency ban in India had surfaced in October 2018. However, the crypto entrepreneur revealed that the nation’s digital asset investors are no longer affected by such news. This, as local traders are “waiting for concrete information” and substantive updates regarding cryptoasset regulations from India’s government.

Local Exchanges Report Increased Trading Volume

Jacob Mani, Head of Marketing at Estonia-registered, Indian crypto exchange InstaShift, confirmed that reports regarding the cryptoasset ban “haven’t deterred anyone.” In fact, Mani revealed that InstaShift had recently experienced a surge in crypto trading volumes since widely-used Indian exchange Koinex had been going through scheduled maintenance.

Meanwhile, Varun Sethi, the founder at Blockchain Lawyer, a local firm providing legal guidance on business matters related to cryptossets, believes that the proposed ban on transactions involving cryptocurrencies “is too far from reaching discussion at the upper or lower house of Parliament in India.” He also thinks that Indian media outlets may be “cooking up news.”

“Never Heard” Of Government Officials Completely Banning Crypto

Ajeet Khurana, the CEO of cryptoasset exchange Zebpay, recently stated that he talked to “all of the top stakeholders in the Ministry of Finance, the central bank, the securities regulator and despite them having a certain amount misgiving around crypto, [he has] never heard them talk of banning it.”

Khurana also mentioned:

So it’s very interesting that the people who could ban it have never said they will ban it.