Banks are not supporting for #Crypto growth with Indian Crypto Exchanges

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(Edited)

The Crypto bull run is going on and we can see the impact on the prices because bitcoin and other coins are also making all-time high prices. Because of these price spikes, the market has got a huge number of new registrations in exchanges. This is a very good sign that lot of new people are coming into the crypto space in the country and exchanges are getting quite a good number of registrations every day that is resulting in a big amount of trading on their platforms.

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Recently I have seen a tweet by the wazirx founder and he shared how much growth he witnessed in the last couple of months compared to what they had in the last few years.

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I am very happy to see that exchange has added 1 million new customers in the month of April itself and that is quite an impressive number and I believe the reason behind this is the bull run of cryptocurrencies. It's quite obvious that when anything grows significantly with its price then more people get attracted to it and the same is happening in the crypto market right now.

There has been a fantastic growth on the overall trading volume as well because on April month WazirX exchange had witnessed the trading of $5.4 billion in one month. April month trading volume is just more than double of what they had in the month of March so I expect that in coming months we can see much more happening on this space with regards to new registration as well as trading volume. All this happening when there is no regulation by the government in India and currently banks have already started creating problems for these exchanges.

Yes, there is a twist that banks have started creating issues with deposits and withdrawals for these cryptocurrency exchanges. It's a very much known issue these days and we can see a lot of issues related to tweets where are users are complaining about their fiat currency deposits and withdrawal.

Earlier few banks have notified their users not to deal with cryptocurrencies because if they notice any transaction of this kind then they will Block the bank account and it has happened with so many users. No these banks are going forward with their approach and they started creating issues with the exchanges which is creating delays and disputes with the transaction processing. I stopped by one of the tweets mentioned by the founder and he clarified that few banks are still waiting for the clarity from RBI which has already been done a year back.

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Reserve Bank of India has already clarified about this in March 2020 and it's been more than a year time but looks like banks are not taking it seriously and they are creating issues for no reason. During this Covid pandemic time, banks are already going through a tough time and I believe they must understand the value of this digital Eire where if they take the right decision then it might help them have quite a good growth because of crypto currencies.

As far as I understand based on the news updates that not all the banks are creating the issues however some leading banks are not supporting the transaction processing and that is why users are experiencing issues with their transactions. It's high time when banks must understand the potential which crypto can give to the country and economy and they can also benefit from this revolution if they start having the right approach. It's obvious that when they will be many more transactions than they are going to I am more revenue which will help them to have a good income source.

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Many people are already running away from banks because their rate of interest is quite low these days so they must find payment transaction processing as one of the ways to get bigger revenue while they are losing on another side of businesses.

I had performed one of the transactions a few days back on the exchange, unfortunately, it happened instantly and nothing went wrong but for the next time I hope by the time I do perform any transaction these issues get resolved.


Thank you so much

Stay Safe.

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4 comments
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ope that banks understand that crypto currencies are having huge potential which can help them gain value as well as it can empower the India's overall economy. Not sure how much time it is going to take but I still hope banks will realise the potential of this digital money.

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