It's been a month since the Indian central bank or Reserve Bank of India (RBI) ordered banks and financial institutions under its control to stop providing crypto currency exchange services.
The central bank has given banks three months to end their relationship with crypto operators. However, since the decision, the volume of trading in crypto currencies in India has increased dramatically.
Quoting Coinbase on Saturday (5/5), operators of the crypto currency market, investors, and analysts said people rushed to take advantage of the RBI's three-month window with more active entry into the market which only had a three-month window.
If investors enter now, this step allows investors to turn the rupee into a crypto currency, which they can later exchange for other coins through a private trading platform even after the central bank's rules take over.
The CEO of Buyucoin, Shivam Thakral, said that new investors had come to the Buyucoin market while those who had already got back the interest after the decline because investors had earned good value and made money because the price of the crypto currency moved higher.
Retail investors believe that most trades tend to move to peer-to-peer networks or social applications such as Telegram "after a three-month period ends.