Organizational enmity has dealt a major blow to India's key encrypted currency exchanges. Zebpay, the largest Indian currency exchange in India, announced in late September that it will close because RBI's directives have halted its operations. Zebpay was severely damaged when banks decided to isolate themselves from any encryption-related transaction.
The uncooperative approach of Indian regulators towards the encoded currency was re-established in late October, when Harish BV, founder of the Unocoin Encoder Exchange, was arrested to set up a booth in a shopping mall. This was the first booth of its kind in India where customers can deposit money to buy or withdraw money from selling encrypted currency through a mobile phone application or Unocoin website.
Instead, police arrested the founders of Unocoin and sent them to judicial custody. This movement has affected the confidence of India's coded exchange markets, which they fear may be stopped under one pretext or another.
It can be said that the area of Indian encrypted currency is in ruins at this time because of the hostilities created by the government and the central bank of the country. As a result, the encrypted currency industry in India is not in good health, as evidenced by the decline in commercial volumes.
In case of decadence
It may be safe to say that the Indian currency industry is in a bad state, as trade volumes have fallen due to government concerns and lack of education about India's coded currencies. Industry estimates that there are five million users of encrypted currency in India in January of this year distributed over 10 bourses. The monthly volume at that time was about $ 1.5 billion.
According to the latest reports, volumes have been significantly reduced. At the end of October, Unocoin volumes were only 10% higher than they were three months ago. On the other hand, the Koinex Encryption Exchange recorded $ 265 million in volume of operations in one day in December last year, but now it has dropped to only $ 1 million to $ 2 million a day.
In general, the unfriendly attitude of the Indian government and its fear of encoded currencies paralyzes the growth of Betcuene and other digital currencies in this market.
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