Skip to content
Herald Sheets

Herald Sheets

Live Cryptocurrency News

Follow Herald Sheets on Twitter, Facebook, Telegram, Please Read Our Disclaimer

  • Homepage
  • Start Trading
  • Guide
  • Crypto News
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Litecoin (LTC)
  • Analysis
  • Blockchain
  • Mining
  • Reviews
    • Brokers
    • Exchanges
  • Regulation
  • Press Release
  • About Us
    • Contact Us
    • Privacy Policy
    • Editorial Policy
    • Submit Press Release
  • Disclaimer
  • Altcoins
  • Bitcoin (BTC)
  • Crypto Trading
  • Cryptocurrency
  • India
  • News

Indians Resort to P2P, WhatsApp, Telegram for Crypto Trading, Transactions Surge

Alicia Maher September 20, 2021 2 min read

The Indian government has remained evasive towards cryptocurrencies with more of its attitude tending toward hostility. However, according to reports, Indian investors are breaking out from the status quo, resorting to alternatives in terms of crypto trading. P2P and some social media platforms like WhatsApp and Telegram have now witnessed an increase in crypto transactions since this year.


trade now

Reports also indicate that transactions on these platforms account for between 60% to 80% of all crypto transactions in the Asian country. Meanwhile, Indian authorities continue to propose regulations for cryptocurrency adoption, with none yet on board. 

Crypto Hostility by Local Banks Contribute to Transaction Growth

The surge in transactions on P2P platforms, WhatsApp and Telegram groups is attributable to the passive ban by banks on crypto trading. Back in 2018, the Indian government had issued a ban across the board on cryptocurrency but this decision was overturned by the Supreme Court of India in a landmark decision in March this year. 

Although financial regulators including the Reserve Bank of India have acknowledged the court’s decision as the status quo, local banks are still hostile towards crypto transactions, necessitating a reduced use of bank accounts for direct transactions with crypto exchanges. 

The less use of bank accounts for direct transactions has contributed to the increasing transactions on other methods of exchange. CEO of foremost Indian exchange, WazirX, Nischal Shetty agrees that there has been a surge in crypto-to-fiat and fiat-to-crypto transactions conducted via P2P and other means. 

Back in July, a survey report found that since the past year, crypto adoption in India has multiplied by a whopping 6000% making the second-largest country after China one of the top adopters of digital currencies globally. 

India Gives Thought to Crypto Taxes 

Reports on crypto regulations have continued to float in the air. While some have advocated for an outright ban, others have clamored for less-hostile regulations. A recent report noted that authorities are giving serious thought to tax regulations after classifying crypto assets as commodities. Further details reveal that regulators will impose on investors a limit of $250,000 as the maximum amount that can be held in whatever cryptocurrency. The Indian parliament will reportedly deliberate on these in their next plenary session. 

Pro-cryptocurrency factions in India have urged the Indian government to soft-pedal on regulations for digital currencies. They argued that attempts at enacting hostile regulations could lead to India trailing behind other nations in terms of crypto adoption. 

Alternatively, they noted that friendly regulations are more advisable to encourage investments and innovations in the region. Speaking of innovations, crypto exchange, Coinbase had proposed setting up a tech center in India, which will not only cover crypto but other areas in technology. 

On the other hand, the Reserve Bank of India has reported plans for issuing a CBDC named e-Rupee for the country. This has become common development with countries like China, Singapore, Nigeria, already testing out their various CBDCs. 

Trade Now

Continue Reading

Previous: Charles Hoskinson and Others Dispute Smart Contract Term for Cardano
Next: Peter Brandt Agrees That XRP Is A Security

Related Stories

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
3 min read
  • Metaverse
  • News
  • Press Release

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022
UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
2 min read
  • Altcoins
  • Crypto Trading
  • Cryptocurrency
  • News
  • Terra (LUNA)

UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer

May 26, 2022
26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%
2 min read
  • Altcoins
  • Avalanche (AVAX)
  • Bitcoin (BTC)
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • Ethereum (ETH)
  • News
  • Polkadot (DOT)
  • Price Analysis
  • Solana (SOL)

26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%

May 26, 2022

Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$29,072.00
-2.18%
ethereum
Ethereum (ETH)
$1,777.29
-7.74%
tether
Tether (USDT)
$1.00
-0.06%
usd-coin
USD Coin (USDC)
$1.00
-0.15%
binancecoin
BNB (BNB)
$299.49
-6.86%
ripple
XRP (XRP)
$0.398546
0.08%
Binance USD
Binance USD (BUSD)
$1.00
0.33%
cardano
Cardano (ADA)
$0.464124
-8.02%
dogecoin
Dogecoin (DOGE)
$0.077877
-3.46%
polkadot
Polkadot (DOT)
$8.91
-8.43%

Recent Posts

  • Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
  • UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
  • 26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%
  • ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase
  • CharterPrime Review – Is CharterPrime Scam or a Proper Broker?
  • Do Kwon Intends To Make Terra Classic By Forking LUNA Blockchain
  • Grayscale Is Planning On Listing Its First European Exchange Traded Fund
  • Celsius Is Planning On Taking Its Crypto Mining Business Public
  • Terra Team May Not Redeem Promised Refunds, Especially For Smallholders – Whistleblower
  • Coinbase Adds BNB Chain And Avalanche To Token Swap Service
  • Richardson Lewis Review – Is Richardson Lewis Scam or a Proper Broker?
  • PancakeSwap Guide 2022 – Everything You Need To Know About This DEX
  • Polkadot-based Smart Contract, T3rn Deploys Latest Testnet
  • Uruguayan Authorities Launch Campaign Against Crypto Scams
  • GameStop Announces The Launch Of A Crypto Wallet

Disclaimer

This website may have financial affiliations with some (not all) of the brands and companies mentioned on this website. Information found on Herald Sheets represents those of writers quoted. It does not represent the opinions of Herald Sheets on whether to buy, sell, or hold any investment assets. Investors must do their own research before investing their money and only do so at their own risk.

Categories

You may have missed

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
3 min read
  • Metaverse
  • News
  • Press Release

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022
UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
2 min read
  • Altcoins
  • Crypto Trading
  • Cryptocurrency
  • News
  • Terra (LUNA)

UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer

May 26, 2022
26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%
2 min read
  • Altcoins
  • Avalanche (AVAX)
  • Bitcoin (BTC)
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • Ethereum (ETH)
  • News
  • Polkadot (DOT)
  • Price Analysis
  • Solana (SOL)

26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%

May 26, 2022
ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase
2 min read
  • Blockchain
  • Cryptocurrency
  • Ethereum (ETH)
  • News
  • Price Analysis

ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase

May 25, 2022
Copyright © All rights reserved. | DarkNews by AF themes.
  • RelevantRelevant(REL)$0.825.35%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184213-2.11%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%