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<ul><li>India’s crypto enthusiasts were at the centre of the <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">bitcoin</keyword> boom in 2016-2017. </li><li>At that time, India’s <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> market had a potential market size of $12.9 billion. </li><li>Several Indians had indulged in buying bitcoins, which also led to fast growth of startups like <keyword id="2761019" type="PERSON" weightage="20" keywordseo="Zebpay">Zebpay</keyword>, <keyword id="2481086" type="PERSON" weightage="20" keywordseo="UnoCoin">Unocoin</keyword>, <keyword id="6063176" type="UNKNOWN" weightage="20" keywordseo="Koinex">Koinex</keyword>, which worked as <keyword id="6200159" type="UNKNOWN" weightage="20" keywordseo="Cryptocurrency-Exchanges">cryptocurrency exchanges</keyword>. </li></ul>India’s Supreme Court today held the complete ban on cryptocurrency on RBI as unconstitutional. And for India’s crypto community, it’s a way to get back to the highs of 2017. India’s crypto enthusiasts were at the centre of the bitcoin boom in 2016-2017. At that time, India’s cryptocurrency market had a potential market size of $12.9 billion. According to a report by <a href="https://blog.crebaco.org/2020/01/24/rbi-versus-iamai-at-the-supreme-court/">CREBACO</a>, here’s a look at the volume of the cryptocurrency dealings in India right before the ban. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average volume across 5 major exchanges in India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">750 Bitcoins per day </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average calculated at the everyday closing price for 180 days </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$10,551 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Per Day Volume Approx </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">79,13,250‬ </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">180 Day Volume Approx </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,42,43,85,000‬ </td></tr></tbody></table> Several Indians had indulged in buying bitcoins, which also led to fast growth of startups like Zebpay, Unocoin, Koinex, which worked as cryptocurrency exchanges. In the peak of the bitcoin madness, Zebpay was <a href="https://qz.com/india/1405918/zebpay-a-major-indian-bitcoin-exchange-is-closing/">reportedly</a> adding 300,000-400,000 users every month with an annual turnover of ₹500 crore. Another major crypto exchange Koinex too saw a similar growth story. In December 2017, Koinex was recording $265M in trading volume and on boarding 40,000 new users in 24 hours. But it all came crashing down in April 2018, when the Reserve Bank of India directed banks to stop all transactions with cryptocurrency exchanges. “This short-lived astronomical growth curve was stalled with the emergence of issues with formal banking channels on which exchange services were deeply dependent on,” Koinex wrote in the <a href="https://medium.com/koinex-crunch/koinex-shutdown-announcement-termination-of-exchange-services-bea4a472ea79">blogpost </a>where it announced that it was shutting down. But today, the story has changed again – as <a href="https://www.businessinsider.in/business/startups/news/crypto-community-in-india-is-rejoicing-exchanges-are-ready-to-reopen/articleshow/74472080.cms">crypto exchanges</a> welcomed the move from the Supreme Court. Even after the ban, many traders in India had simply moved from Indian exchanges to the ones registered abroad. With the SC uplifting the ban, these traders can start trading in the Indian exchanges again. See Also: <a href="https://www.businessinsider.in/business/startups/news/crypto-community-in-india-is-rejoicing-exchanges-are-ready-to-reopen/articleshow/74472080.cms">Crypto community in India is rejoicing ⁠— exchanges are ready to reopen</a> <a href="https://www.businessinsider.in/finance/news/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'</a>

India’s crypto market was worth $12.9 billion in 2017 before it incurred the RBI's wrath

<ul><li>Banks can now deal in cryptocurrency after the Supreme Court quashed the Reserve Bank of India’s (RBI) ban. </li><li>However, a proposed bill is still pending with the government that could make it difficult for cryptocurrency players to survive in India. </li><li>The regulatory uncertainty is probably the biggest concern for the government, Siddharth Mahajan, a partner at law firm Athena Legal, told Business Insider. </li></ul>The Supreme Court <a href="https://www.businessinsider.in/finance/news/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">quashed</a> the Reserve Bank of India’s (RBI) circular that banned banks from dealing in cryptocurrency. And, investors are looking forward to using the Indian currency to be introduced onto crypto exchanges. However, regulations could still make it difficult for cryptocurrency players to survive in India. There’s a still proposed bill pending with the government that could prove tenuous — the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. “It remains to be seen if the government will rethink the proposed bill in light of the Supreme Court judgement. This regulatory uncertainty in India is probably the biggest concern for the government,” Siddharth Mahajan, a partner at law firm Athena Legal, told Business Insider. If new regulations are to come into place, they will have to differentiate between currencies, utility tokens and commodity-backed tokens — each of which serves a different purpose. “RBI should not be concerned with commodity-backed or equity tokens. Utility tokens should be subject to light regulation to the extent of checking whether they are really utility tokens and to ensure that taxes are paid,” said Srinivas Katta, a partner at Induslaw. Can cryptocurrency replace real money? Right now, cryptocurrency doesn’t pose much of a threat. It’s a long way from becoming any kind of financial instrument capable of replacing real currency, according to Mahajan. “It remains to be seen if the cryptocurrency business in India is positioned as a financial instrument or commodity with underlying value. The biggest fear of the RBI is the proliferation of unregulated financial instruments which are not backed by the state,” he explained. Rather than impose regulations immediately, Katta believes that policymakers should allow virtual currencies to run for a while before making any decisions. If implemented properly, they could help create a more inclusive economy. “Crypto-currency and tokens are an important development and can enable further formalisation of the economy if properly implemented. They can also promote new industries and bring in a lot of investment. They can also promote the ease of doing business, which is very important,” said Katta. RBI’s ban bore heavy on startups like Koinex, Unocoin, Zebpay, and Cryptokart. According to Internet and Mobile Association of India (IAMAI), companies dealing in cryptocurrency had ₹1365 crore of user funds trusts, with monthly transaction volume around almost ₹5000 crore. It is unlikely that the government or RBI will let a totally decentralised currency in India flourish in India. Though crypto-currency enthusiasts want it run as a parallel financial system rivalling central banks backed currencies but that is unlikely to happen, according to Mahajan. See also: <a href="https://www.businessinsider.in/finance/news/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'</a> <a href="https://www.businessinsider.in/finance/news/top-cryptocurrencies-in-india-gain-10-50-after-the-sc-verdict-quashing-rbi-ban/articleshow/74474412.cms">Top cryptocurrencies in India gain 10-50% after the SC verdict quashing RBI ban</a> <a href="https://www.businessinsider.in/business/news/indias-crypto-market-was-worth-12-9-billion-in-2017-before-it-incurred-the-rbis-wrath/articleshow/74474034.cms">India’s crypto market was worth $12.9 billion in 2017 before it incurred the RBI's wrath</a>

Cryptocurrency in India is legal but a pending bill with the government could change things

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India’s crypto market was worth $12.9 billion in 2017 before it incurred the RBI's wrath

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Cryptocurrency in India is legal but a pending bill with the government could change things

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