Bitcoin Forum

I have done some research based on indian local exchanges giving contribution to Coinmarketcap . Because india doesnt have reputed global exchanges like binance , kucoin or bittrex not even small .
So take the local exchange volume
Zebpay - 23 million
https://coinmarketcap.com/exchanges/zebpay/
Unocoin - 2 million
https://coinmarketcap.com/exchanges/unocoin/
Koinex - 10 Million
https://coinmarketcap.com/exchanges/koinex/
Including all other exchanges 10 million

Overall contribution according to coinmarketcap less than 50 million . Lets double this by other transaction in india 100 million.

Just 100 million marketcap does effect crypto space . No way . even if we multiply 100 time it will reach 1 billion .


So indian fud just a big food for whales again they will dump market . Buy from bottom .

Great we should spread this words among comunity . India is having very small contribution to crypto space very less amount of investment . So its better to neglect this FUD . Even local exchanges can work with the help of Paypal or other payment gateways. Hope soon they adopt that.

Thank you for such post. People who were panicking for the news " India banned crypto" they'll get a relief.

It is worth to clarify that in India the crypto currency was not forbidden. The Reserve Bank of India recommended that other banks stop providing services in the crypto currency, and since the volume of such services was small, this could not have a significant impact on the circulation of the crypto currency in this country.

Recently Zebpay team has sent a message to their members.

Dear ******,

RBI has recently issued communication about the discontinuation of services by RBI regulated entities (banks/payment gateways) for purchase and sale of Bitcoin and other virtual currencies.
 
We remain committed to keeping customer funds and assets secure and are exploring various options. However, a sudden disruption in banking services could affect our ability to service deposits and withdrawals, until banking services are restored.

Please keep this risk factor in mind while making your investment decisions.
Regards, Zebpay Team

It looks like Indian government slowly making crypto investors life difficult to invest money. These kinds of things reduce volume in the market and brings down the bitcoin prices.

Good write-up. Totally agree with you. I want to add something that India actually forbidden BANKS to deal with Crypto. It’s nothing about banning Crypto as a whole. Exchanges are still pretty fine. So, yeah it won’t affect that much.

The government  of India wants to curb black money and levy tax on the transactions, they have to regulate all channels for fund flows.
Source: https://news.bitcoin.com/coindcx-launches-indian-crypto-to-crypto-exchange-amid-regulations/

If they want taxes they have to accept it and allow people to trade it freely. What their central bank is doing will be against these regulations.
At some point they will realize that it's either regulations and taxes or a ban with no taxes. They will choose the first option.

Thank you so much for your analysis.
Hopefully this will be able to calm people down and help them to patiently wait for the price rise of bitcoin without beng panicked

This is definitely FUD by the whales but Indians mostly uses foreign exchanges too,so we can't calculate the contribution of Indians by calculating their local exchange market cap but this Inidan ban is just a strategy to dump the prices more.

They tried to create a new exchange called bitindia but turned out to be a scam. They ran a voting contest and the top 3 would get listed for free, but after the voting was done they asked for 5 BTC to get listed - on a new exchange with no volume :D

For some unknown reason lots of traders sell without doing any investigation as to whether the news is relevant or not. I wonder if this is down to bots programmed to sell when they see the keywords "bitcoin ban" in the google news feed.