Despite the huge uncertainty around the operations of the cryptocurrency market in India, ZebPay, one of the oldest exchanges in India, expects its trading volume to shoot.
Established in 2014 in Gujarat, India, the number of customers in the user base of ZebPay is about 4 million. However, Rahul Pagidipati, the exchange CEO, says that there has been a spike in demand lately. And due to this, he predicted that the volume tradable on the exchange would double to about $2 billion in a month. By implication, the trading volume of ZebPay would generate $25 billion.
The increasing demand for the exchange
Based on the official memo and policy released in India lately about the banning of all activities around cryptocurrency, Rahul is so sure that it is a matter of time. They will be reversed because crypto is becoming more established day after day.
He made an illustration of the airplane how that multitude is very scared of using it when it was first invented, but with each day passing, they deem it safer for use. However, his firm, which is now based in Singapore, is known to be strictly compliant with the AML regulations (Anti-Money Laundering).
Rahul Pagidipati has been around the crypto ecosystem for a while and has owned several assets digitally for close to a decade now. Despite the recent surge in the price of BTC, he expects the demands to keep rising, looking at the adoption in the conventional world. He, however, predicted that by the end of this year, the price of Bitcoin would hit the $100,000 mark.
The Potential of Risk of crypto involvement in India
He feels that by putting the data around India’s involvement in the crypto world plus the solid user base, the country will not put such a ban on cryptocurrencies.
India, in 2018, banned cryptocurrencies, but the policy was overturned by the Supreme Court following the strong petition against it, but it doesn’t seem like the government has let go of the cards.
Based on the recent announcement by the minister of finance of the country, the parliament arm has planned to move forward with the prohibition of private cryptos. And with time, it might consider prohibiting all of them. But currently, talks are on with the Reserve Bank of India (RBI) to reach a consensus on an official position.