Earlier, Verge (XVG) was listed, in the premiere, on one of the most important Indian cryptocurrency exchanges in the world. Bitbns, that posted the listing announcement yesterday, is, now, the only crypto exchange in India in which it is feasible to buy and/or sell XVG.
Verge fans! BIIG news for you all.
— Bitbns (No, not giving away ETH) (@bitbns) May 5, 2018
Bitbns reported that XVG exchange operation would be started at 04:00 EST (or 13:30 Indian time):
#XVG trading goes live at 1:30 pm
— Bitbns (No, not giving away ETH) (@bitbns) May 6, 2018
Verge (XVG) listing on Bitbns Indian cryptocurrency exchange helps XVG in its recent struggle for worldwide acceptance
The news is noteworthy as an important step in Verge’s worldwide spread.
Whilst the central bank of India, the Reserve Bank of India, has issued an ordinance on April 5th instructing banks to refrain from providing cryptocurrencies payments by any means, it has also given them a three-month deferral period.
Cryptocurrencies trade volumes have been steadily on the rise since the Indian crypto regulation was introduced. This is likely because of two factors.
First, cryptocurrencies investors in India wish to obtain as much as they are able to obtain from the cryptocurrencies market as long as the cryptocurrency exchanges continue to be active (which are usually offering more liquidity and possess lower fees than peer-to-peer OTC exchanges).
In the second place, there is a developing sentiment in India that the government would not ban trading in cryptocurrency and even if the bank decides to ban cryptocurrency exchanges, cryptocurrencies trading will still be possible via peer-to-peer.
While the RBI looks like it’s possessing an extremely negative perception on crypto assets, in general, and on the probable threats these assets present, in special, as reported by The Times of India, the Indian central bank is currently exploring the possibility of introducing its own cryptocurrency.
In the meantime, Verge (XVG) is listed on one of the most important cryptocurrency exchanges in India, Bitbns, and this announcement will most probably help the coin on the long-term. Meanwhile, at the moment of this publication, Verge (XVG) is not doing well today in the cryptocurrencies market as it trades at $0.076, recording a decline of 4.02% in the last 24 hours.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.