Traders and traders alike should take stock of the upcoming trading season as the market is set to shake up significantly.
The Indian government will begin the trading season on November 8 and traders should expect to see the market expand dramatically as traders will begin to invest in various cryptocurrencies.
The Reserve Bank of India (RBI) will begin its trading season with the creation of a trading window for all major cryptocurrencies beginning November 8.
These cryptocurrencies will be allowed to trade freely in the bank’s banknotes as of November 8, 2016.
However, the RBI will also allow the market to trade on a temporary basis through an online platform called CoinMarketCap.
The platform will be open for two months after the opening of the trading window and will be restricted to only traders in India.
“The Indian market is expected to see a large increase in the trading volume due to the introduction of a virtual currency on the RBI’s bank notes.
The volume is expected in the region of Rs 1 lakh crore per day by the end of the season,” said Raghunath Rao, co-founder and CEO of CoinMarketcap.
As of November 11, 2016, the market cap of cryptocurrency was estimated at around Rs 1,000 billion.
This is a significant increase compared to the previous trading season in which it was estimated to be around Rs 200 billion.
The currency also has a relatively high trading volume compared to other cryptocurrencies in the market.
The government has allowed trading in both the currencies on the exchanges, and there is a high degree of trust placed in this system.
In addition, there are a lot of other financial instruments available for investors, including bitcoin and ethereum, which are both traded on exchanges.
The RBI is set on November 10 to issue a notice on the use of cryptocurrencies and has announced a set of guidelines for cryptocurrency trading.
“As per the RBI guidelines, all cryptocurrency is allowed to be traded on the market, except for those regulated by the Reserve Bank,” Rao said.
“For this reason, traders should have the most confidence in the system and have a firm idea about the trading conditions in India,” Rao added.
While the government has been keen on promoting digital currencies in the country, there has been no regulatory framework in place in the wake of the demonetisation move in November last year.
In an attempt to address this, RBI is preparing a set a set up for digital currencies trading in the Indian market.
In the last two months, the country has witnessed the start of the year with the launch of bitcoin, ether, and ripple trading.
The market has also seen a spike in cryptocurrency trading volumes as traders look to buy and sell digital currencies.