Investors and entrepreneurs believe that a ban would face implementation and constitutional hurdles, and that India might follow the route taken by other Asian countries, which initially banned cryptocurrency trades but reversed their stance soon after.
WazirX, a Mumbai-based cryptocurrency exchange that was acquired by Binance, a large Mauritius-based exchange, in November 2019, saw trading volumes go up by more than 50 percent in the last four to five months to hit $60 to 70 million a month, says co-founder and CEO Nishchal Shetty.
