Binance Denominates Assets in Indian Rupees Amid Government Hostility
The Indian government has not been particularly favorable towards the crypto industry as several laws have been put in place that has made it difficult for crypto businesses to thrive within the country and as such, many firms have closed down or moved shop with Koinex announcing their closure in the last week.
India, for the most part, is a great example of what happens when a government does not take steps towards creating favorable conditions for an emerging industry which is that companies within that space will take their business elsewhere or will be forced to close down altogether. This is in stark contrast to places such as Malta and countries in Europe that have actively made efforts to ensure that the crypto industry can thrive within them. Despite all of this, the crypto industry is not completely shattered within the country as individuals still continue to operate, albeit not at the same level as their counterparts in other countries and some firms continue to cater to the Indian crypto market.
Crypto In India
A positive sign for the cryptocurrency India is the fact that Binance, one of the biggest crypto exchanges in the world, has listed prices for digital assets in various currencies along with the Indian National rupee, which is the official currency of India.
“Indian Rupee (₹) on Binance:
Binance exchange now sports prices in INR (₹) as well. These are the represented prices for Cryptocurrencies. So far it was only available on Binance Info,”
The listing of assets in the Indian Rupee shows a number of things. The first is that despite all the setbacks that have occurred for the crypto industry, firms such as Binance are not writing off the Indian market altogether. There are several reasons for this such as the fact that India has a booming population and while their regulations are not favorable now, there is no guarantee that will continue to the unfavorable and it is best to not fully exit such a market unless given express reason to do so. It is also evidence of the fact that some Indians continue to deal in crypto assets which necessitates the denomination of assets their native currency.
In terms of trading via the Indian Rupee, it has been recorded to be of a high volume according to CoinDance. The reason is that despite the regulatory setbacks for the crypto industry, Indians continue to make use of whatever platform they even to such as Paxful, a P2P marketplace as well as localbitcoins which has also registered that many of their trading volumes in done in the Indian rupee. This just parallel to China where cryptos are banned altogether but Chinese residents continue to trading by making use of virtual private networks and other loopholes to escape the system.
In conclusion, governments can do as much as they want to stifle the industry and resist it but as long as the people are determined to make use of their crypto they will find one way or another to get across was over regulations that put in place for that purpose.