Indian Crypto Ecosystem Garnering International Attention Despite RBI Fiasco - PowerPoint PPT Presentation

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Indian Crypto Ecosystem Garnering International Attention Despite RBI Fiasco


Given the international attention that the Indian crypto community has garnered and steady change instances of the government bodies, the Indian crypto community has their hopes pinned on the outcome of the case. For more information visit this link. – PowerPoint PPT presentation

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Title: Indian Crypto Ecosystem Garnering International Attention Despite RBI Fiasco

Crypto World At Your Finger Tips!
Indian Crypto Ecosystem Garnering International
Attention Despite RBI Fiasco
The Reserve Bank of India (RBI) in April 2018
released a circular prohibiting any banks from
offering their service to crypto exchanges and
any other crypto service providers. The banking
ban had quite a devastating impact on the budding
crypto ecosystem in the country.
Indian Crypto Exchanges Were Worst Hit by RBI's
  • India has been the IT outsourcing capital of the
    world despite failing to ride on the dot com boom
    in early 2ooos which is a glaring example of
    country's potential in being world leaders in the
    technology field.
  • India also saw its first crypto exchange come up
    as early as 2013 in the form of UnoCoin and
    BTCXIndia. In subsequent years, especially after
    the 2017 boom, India saw the launch of 15 new
    crypto exchanges and several other startups.
  • Right, when the Indian crypto community was
    gaining momentum the RBI circular ruined the
    ecosystem completely.
  • While the government's concern over the use of
    digital assets for illicit activities is
    understandable, however, RBI's response in the
    form of cutting the only source of liquidation
    for these services was cruel.
  • The trading volume on Indian exchanges prior to
    the RBI circular indicates Indian crypto
    ecosystem was thriving prior to the banking ban.
Binance Eyeing Indian Market
  • Binance, the leading cryptocurrency exchange by
    trading volume and an ecosystem known for
    expanding crypto reach is also eyeing India given
    its mammoth population and potential to become
    the crypto hub.
  • Binance recently acquired WazirX exchange which
    was a clear indication of Binance's long term
    plan of global expansion and how they view the
    Indian community.
  • The global crypto exchange has been eyeing South
    East Asian markets including India and China
    where it sees great potential in terms of user
    growth amid regulatory uncertainty in both the
Exchanges That Went Bust After the RBI Circular
  • Many Indian Crypto-Exchanges tasted success in
    its early days and gained traction in 2017, but
    went bust due to the RBI's circular. We will look
    into some of the most prominent exchanges which
    had to either relocate or shut an established
1. ZebPay
  • One of the most notable Indian exchanges which
    was founded in 2014 and launched in 2015 and
    raised 1.1 million in two seed funding rounds.
    It was among the highest trading volume
    generators among Indian exchanges before it
    decided to shift its operations to Malta. The
    platform also boasts of over 3 million users
  • A recent email from the firm to its Indian
    customers suggested that the exchange is going to
    make a comeback in the coming months.
  • ZebPay is estimated to generate around 68.9
    million in annual revenue and a majority of its
    traffic still comes from India.
2. Koinex
  • Koinex, a Maharastra based crypto exchange which
    was founded in 2017 announced its closure due to
    the banking ban in June 2019.
  • Koinex has managed to gain popularity in a very
    short period of time and was attracting a lot of
    Indian crypto traders on the platform.
  • The exchange was generating an estimated 1
    million in annual revenue before it decided to
    shut down.
3. UnoCoin
  • UnoCoin was established back in 2013 and is among
    the very first crypto trading platforms in India.
    The crypto exchange primarily offered Bitcoin
    through its platform and later added other crypto
    pairs to its trading list and even right before
    the unfortunate banking ban, the platform was
    registering almost 100 BTC worth of daily trading
  • The platform is not officially shut, however
    following the RBI notice it stopped deposit and
    withdrawals from the platform and is currently
    waiting for the verdict of the supreme court in
    the ongoing lawsuit filed against the RBI.
  • The platform is not officially shut, however
    following the RBI notice it stopped deposit and
    withdrawals from the platform and is currently
    waiting for the verdict of the supreme court in
    the ongoing lawsuit filed against the RBI.
    Cryptoknomics got in touch with Sathvik
    Vishwanath, the co-founder and CEO of the firm to
    get his views on the impact of RBI's circular.
    Vishwanath told,
  • "RBI is not a private business to take such
    unilateral decisions. It was to construct a panel
    with industry leaders, experts and policymakers
    to study the policies abroad and their similar
    applicability in our country before coming up
    with such knee jerk reaction."
4. BTCXIndia
  • BTCXIndia was also among the earliest Bitcoin
    exchanges in India which was founded in 2013 and
    was also considered among the most precautionary
    ones as it implemented KYC and AML regulations
    even when there was no necessity for such
  • The exchange also offered instant INR deposit and
    withdrawals before the RBI circular came in. The
    exchange had shut its operation back in 2018.
    Cryptoknowmics reached out to BTCXIndia for
    comments, but the founders refused to give their
    input as they haven't been following the ongoing
    Supreme Court hearing and have shifted their
    focus to other sectors.
5. BuyUCoin
  • BuyUcoin is among the first proper cryptocurrency
    exchanges in the country which offered digital
    Asset Exchange and Blockchain Wallet service and
    catered its services to more than 200,000 users
    at its peak.
  • The platform also boasted of handling more than
    30m in transactions with digital currencies like
    Bitcoin, Ethereum, Ripple, NEO, Bitcoin Cash,
  • The firm had estimated yearly revenue of 1.4
    million at its peak and although it's active
    today, the platform has lost the shine of its
    early days.
  • These are just a few crypto exchanges and service
    providers which were generating millions in
    direct revenue at their peaks before the RBI ban
    kicked in and forced them to either shut their
    business or try to survive without the banking
  • These exchanges and their numbers clearly
    indicate that India could have been a major force
    in the fintech industry by now if the central
    bank had taken the right approach.
WazirX The Indian Exchange Which Survived The
  • WazirX was founded back in 2017 when the Bitcoin
    craze was at its peak, however, the exchange soon
    became the voice of the Indian crypto community
    with its Indiawantscrypto campaign which drew
    attention from all around the globe.
  • Apart from running social media and public
    awareness campaign around cryptocurrencies,
    WazirX worked equally hard to ensure that it
    continues to help the Indian crypto community
    trade digital assets with ease and convenience.
A Hopeful Future
  • The stance of the central government towards
    digital assets looked quite passive in the past 2
    years, however, the ongoing supreme court case
    has given a lot of confidence to the Indian
    crypto community.
  • The RBI vs Crypto case is one the verge of
    conclusion as both the counsels, RBI and IAMAI
    have concluded their argument in the hearing and
    judgement might arrive in the next 2-3 weeks.
  • The Indian National Institute for Smart
    Government (NISG) has published a draft National
    Strategy on Blockchain, which unlike the draft
    bill has recommended regulations as the way to
    move forward.
  • The report makes note of blockchain technologies,
    smart contract applications, challenges to
    blockchain adoption, the societal impact of the
    technology, the role of government, and national
    strategy principles. The report noted that the
    government authorities lacked clarity and
    awareness about blockchain technology.
  • "Government of India along with RBI come out with
    a Central Bank Digital INR (CBDR) administered
    over a public permissioned blockchain that
    processes transactions through a Turing complete
    virtual machine allowing decentralised
    applications to run on its platform."
  • Sources
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