Fall of the Indian Cryptoverse
The Indian central bank RBI's directive on de-linking its regulated banks from providing services to the Indian consumers and crypto businesses had led to the drastic fall of crypto trading volumes across all crypto exchanges in the country. If I remember correctly, there were 15 crypto exchanges in India before April 2018. I guess only two or three remain. There were many exchanges planned, but all of them were non-starters. Very recently, we heard about the closure of two big exchanges in India, movement of Zebpay to Malta and also WazirX going global due to falling volumes.
Innovation in the middle
However, this banking ban led to innovation by exchanges which began to operate with a peer-to-peer trading model. On the other hand, some technology companies began to innovate to provide tools to assist people to do better and indulge in smart trading! So we had the user level covered by the P2P models and the tech side covered by newer software tools.
While these tools are important in many ways, the crux of the trading ecosystem, are the people, who believe in this asset class and throw their money into the mix to make crypto trading in India successful.
What we wanted to discuss
So there were challenges and there are some surviving exchanges in India; but that did not stop the adamant crypto trader from using the innovations around them to continue trading. It was this situation which we want to explore and understand. So, in the sequence of the season theme, we wanted to bring to fore an aspect of crypto trading in India and how the crypto trading landscape changed in India after the RBI ban.
- Are there people still trading in India?
- How and what has changed?
- How can Small investors get involved?
- What should they learn before trading?
- How much is Crypto Trading different from stock trading?
- Why is learning and research so important in trading?
These were some of the questions in my mind for our guest. Watch the episode and get the answers for these questions.
The guest
It was hence apt that we talk to someone who had an avid interest and knowledge in trading, and also has a keen interest in software development innovations for this industry. Our guest was Ankitt Gaur, Founder, Koinfox who not only brings a lot of software experience to the table and fantastic global experiences in tech to be able to relate to this topic, but also has immense knowledge of crypto and stock trading.
Ankitt is a global consulting professional for technology and also India's and Asia's first Author on Blockchain Technology from a Non - Techie perspective with a book published specially for the CXOs.
An engrossing and interesting conversation
He shared some interesting insights on the trade happening in India and how they are working on the trading communities learning and improvement on the psyche of the trader. #IndiaLearnsCrypto and #TradeBytes are two interesting campaigns that he has his team from his venture Koinfox is running on Twitter.
"Greed is Good but don't overdo it' - this was a comment which he said applies to those people who think about waiting for better profits from their trade. He is of the opinion that a trader should define a target profit and exit when it is attained and not wait for a better one. He advocates DYOR (Do Your Own Research) in a big way and wants each trader to indulge in learning more and more.
It was an engrossing conversation with Ankitt and I hope our viewers get some insights and learning from this episode.
End Notes
*We premiered Hard Fork on Amazon Fire TV on 22nd April 2019 and officially launched the founderINDIA channel on 23rd April. All Hard Fork Episodes will also be simulcast on other platforms including YouTube.
Check out the 3rd Episode of Hard Fork with Ankitt Gaur on YouTube.
We would love to hear genuine feedback from our viewers about the episode . If you like it please leave a comment, like it, subscribe the channel and do share it with like-minded people and beyond. Or write to us at [email protected] and/or [email protected].
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