While the Supreme Court of India is set to hear the cryptocurrency-related plea on July 20, the RBI circular which banned the country’s banks from extending their services to cryptocurrency entities has badly affected the tradings in the country. While all the leading exchanges — Zebpay, Unocoin, BuyUCoin, WazirX, and Koinex — have gone for crypto-to-crypto tradings now, one of the exchange owners told Inc42 that the volume of the trading, as well as the number of users, has plunged by over 60% in the last few weeks.
However, despite the fiat-to-crypto ban in the country, active traders have continued to support cryptocurrency either by HODLing or through arbitrage.
Speaking on the RBI move, David Bleznak, founder And CEO of Totle, a Birmingham-based crypto trading platform that aggregates order books from DEXs such as Bancor, Kyber, Radar Relay, and EtherDelta told Inc42, “Decentralised exchanges will enable international trade to thrive despite the regulations imposed by governments around the world.”
“The blockchain is a trustless ledger that does not have borders and allows participation by the disenfranchised and the elite alike. India will not be able to control the distributed ledgers but will be able to enforce bans on centralisedd systems that facilitate activity in the space. These actions will drive individuals to utilize DEXs and increase the rate of adoption of truly decentralised platforms. The democratisation of finance will be fought by regulators and bureaucrats because it threatens the status quo. In the end, individuals will choose the system that gives them the authority to make decisions with their own assets without having to ask permission from institutions,” added David.
Meanwhile, it seems Bitcoin is continued to be at war with the leading economists. After the Nobel Laureate economists, Paul Krugman, Robert Shiller termed Bitcoin as bubble, fraud and evil, now another renowned economist and Nobel laureate Joseph Stiglitz has jumped on the bandwagon saying “The demand for Bitcoin will crash. The best way of rendering Bitcoin useless is through regulation. That will curb illicit activities often perpetrated using the digital currency.”
Speaking during a policy dialogue at Columbia University, Joseph told that Bitcoin is primarily used for money laundering and illicit activities.
It’s worth noting that most of the porn websites in the world also use cryptocurrencies primarily Bitcoin for subscription and other services.