Fewer people register on exchanges in India
Uncertainty over regulation has impacted the number of new registrations on exchanges in India. Most of the users of the cryptosphere are afraid of the ban on cryptocurrencies and do not want to put themselves in jeopardy. Therefore, the influx of new users into the cryptosphere has decreased.
We are talking about a bill prepared for consideration at the winter session of parliament, which will begin on November 29, 2021. As part of it, India plans to ban almost all private cryptocurrencies, leaving a few to advance the underlying blockchain technology. In order not to be left without investments, investors hedge their risks.
According to the CEO of the BuyUCoin exchange, the number of new registrations drops by 20% weekly. Because of this, only 8-10 thousand people are registered on the exchange per day.
As negative news about the ban on cryptocurrencies emerged, the prices of digital assets on Indian exchanges have dropped significantly. The number of transactions and the turnover of funds also decreased. This figure fell 15% compared to foreign markets.
Currently, most investors are looking forward to regulatory certainty. After which they will make a decision - to trade cryptocurrencies further or not.
They are not satisfied with the active regulation of the cryptosphere, as well as pressure from the Reserve Bank of India. Although the idea of launching a national cryptocurrency (CBDC) was received positively by the majority of users of the cryptosphere.