Indian investors are flocking to trade crypto before the RBI ban takes effect.
Last month RBI (Reserve Bank of India) ordered banks and other financial organizations to stop providing services to cryptocurrency sites and exchanges.
Various banks like State Bank of India, Kotak Mahindra Bank, and various other banks took immediate actions on the crypto sites by abandoning services on their platform.
According to Reuters:
Exchange operators, investors, and analysts say people are rushing to take advantage of a three-month window the Reserve Bank of India has given banks to sever ties with cryptocurrency traders and exchanges.
Getting in now enables investors to convert rupees into cryptocurrencies, which they can later swap for other coins via private trading platforms even after the central bank’s rules take hold.
Shivam Thakral, CEO of Buyucoin says that:
New investors are coming to our exchanges while existing ones are regaining interest after the drop because they’re getting good value and are making money as the prices of cryptocurrencies move higher.