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Crypto Growth Defies Legal Grey Clouds in India

Indian P2P users explore the P2P platforms of popular crypto exchange platforms such as Binance, OKex, use WhatsApp and telegram rooms, and also exchange through a mutual acquaintance.

By Newsd
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Crypto Growth Defies Legal Grey Clouds in India

India is experiencing rapid and steady growth in the adoption of cryptocurrency, albeit unofficially. For a country that is referred to as the largest democracy in the world, India has one of the largest crypto-ready markets and the biggest cryptocurrency exchange and platforms are seeking improved collaboration with Indian crypto-based firms to drive this growth.

There is only one major challenge; India’s political atmosphere is not conducive for the industry to develop as rapidly as it should have. Rising tensions in the government have led to the enforcement of stringent cryptocurrency regulations that are threatening to overwhelm investors, traders, and enthusiasts who are turning to cryptos for a better life.

But just like most dark clouds, there is a silver lining in India’s cryptocurrency space: crypto trading robots.

Crypto Investment is Popular in India

Despite the Indian government’s frown on the crypto industry, it continues to boom within the country. According to a recent report by BrokerChooser, India has the highest number of crypto owners in the world. An estimated 10.07 crore Indians own some crypto and are active investors in the crypto market. This report agrees with a June 2021 report by Statista. In the report, Statista noted that between December 2020 and March 2021, the number of Indians who own crypto rose up by 300%. Interestingly, the majority of them are between the ages of 18 – 34.

More Indians are now investing in cryptocurrencies and making a living from trading different pairs on the market. This is largely due to the effectiveness of modern crypto trading robots. As of now, the best crypto robot in the industry is operational in the Indian market and has played a significant role in the increasing attention that the crypt market is receiving from Indians across all age groups.

RBI Lifted The Ban in 2020

In 2018, India’s Reserve Bank, the Reserve Bank of India (RBI) had ordered every bank with a presence in India to cease facilitating cryptocurrency-fiat transactions and banned them from working with any cryptocurrency exchange platform in India. However, in 2020, the ban was overturned, and crypto activities resumed. It did not take long for the government to talk about introducing regulations though.

Barely 6 months after the initial ban was overturned, the government of India said that it would start working towards creating regulations for the crypto industry in India. As of now, there are no official regulations guiding the crypto industry, but the government has since stated that cryptocurrencies are not issued or backed by the government and are given the same status as Gold and other commodities; they can be traded at the discretion of the investor, but they are not subject to the Indian Securities and Exchange Board as cryptocurrency assets are not recognized as real assets or traded on the Indian Stock Exchange.

The major challenge to the growth of India’s crypto industry is the government which is dominated and led by the Rashtriya Swayamsevak Sangh (RSS) party. The RSS, a party influenced by Hindu beliefs, has vehemently opposed the adoption of cryptocurrency and has repeatedly called on the government to slam regulations that will effectively bury the industry in India.

But this has not deterred Indian investors who want to explore the crypto market.

Local Crypto Exchanges Offer Surging Daily Trading Volumes

Indians have now turned to local Peer-To-Peer (P2P) cryptocurrency exchanges to facilitate an increasing volume of cryptocurrencies on a daily basis. In September, the Indian Times reported that local crypto traders in India have turned to P2P trading which increased by as much as 80% in September. P2P trading helps local traders to bypass SBI restrictions on trading.

Indian P2P users explore the P2P platforms of popular crypto exchange platforms such as Binance, OKex, use WhatsApp and telegram rooms, and also exchange through a mutual acquaintance. The result of this is a sharp increase in the volume of cryptocurrencies that are daily exchanged for fiat.

But how are local traders making profits in the crypto market?

There Are Various Kinds of Crypto Trading Platforms

There are various platforms on which traders and investors can explore the cryptocurrency market. The most popular trading platforms are the established exchanges, which are a dozen in number. These platforms offer traders the opportunity to trade spot, futures, and regular long-term holding. Many of the platforms also allow traders to deploy trading robots to perform automated market actions using pre-defined parameters which the users can adjust to suit their strategies.

Although the various platforms claim to have the best crypto robot, traders are always advised to carefully select and test a robot before use.

Why Trading Bots Are a Great Option

Crypto trading robots are important to the Indian crypto community as they have opened up a world of consistent earning for even an average trader. The adoption of crypto robots in India is rising, and for good reason too. Traders of all levels can make profits through the best crypto robot while not doing any active trading.

The following are the benefits of trading robots:

  1. Non-emotional trading: Managing emotions is one of the hardest lessons that any human trader can learn. But with a crypto robot, the risks of mismanaging emotions while trading is completely removed. Trading robots will only perform market actions using the predefined parameters given by the trader.
  2. They are built with complex algorithms: Trident robots are built using complex algorithms and advanced programming skills. This is important because a mistake in its build can result in massive losses.
  3. Integration of AI: Trading robots are AI-powered and can make intelligent decisions using the latest AI technologies. For example, a typical trident robot is programmed to buy when the price is low, and sell when it is higher. By using AI, the best crypto robot analyzes crypt pairs to find the best trading setup before placing any market orders.
  4. Profit-taking: Trading robots can be set to automatically take profits at given price levels. This makes it easier for traders to gain or minimize losses without actively trading.

These benefits are drawing more Indians to the crypto market and despite the proposed 2022 government regulations, there continues to be a silver lining in the clouds for the growing Indian crypto community.

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