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Trading volumes on exchange-escrowed peer-to-peer (P2P) cryptocurrency trading platforms in India are rising rapidly amid the banking ban by the country’s central bank. “Indians are warming up to P2P in amazing ways,” the CEO of a local crypto exchange told news.Bitcoin.com. Several other exchanges competing in the same space are seeing similar responses from their users.
P2P Trading Volumes Growing Rapidly
Indian cryptocurrency exchanges that offer P2P services are experiencing rapid growth in trading volumes despite the cryptocurrency banking ban by the country’s central bank, the Reserve Bank of India (RBI).
The CEO of Indian crypto exchange Wazirx, Nischal Shetty, told news.Bitcoin.com that “In a bear market with no banking, Indians are warming up to P2P in amazing ways.” Wazirx launched its exchange-escrowed P2P service on July 10, a week before the RBI ban took effect.
India’s central bank has banned financial institutions from providing services to crypto businesses. As the country’s supreme court continues to postpone hearing the petitions against the ban, a growing number of Indian exchanges have implemented their own solutions to the banking problem such as using P2P trading and launching cryptocurrency ATMs.
Shetty shared with news.Bitcoin.com:
P2P is working great for Wazirx. It’s helping us increase our daily trading volumes as well. In fact a few days ago we hit 100 BTC in daily trading volume for the first time … we’ve crossed over $ 5M in P2P in the 3 months since we’ve gone live.
The exchange revealed at the end of September that its trading volumes had grown 35 percent in the past few months, consistently reaching 50 BTC in daily trading volumes during the month.
Some More P2P Offerings
The exchange-escrowed P2P option has become a popular way for traders in India to cash out their coins. Recently, crypto exchange Instashift conducted a survey of its users and found that the majority of 50 respondents prefer to cash out their cryptocurrencies using P2P services. Instashift offers the trading of over 80 cryptocurrencies. With a community of over 900 members using its P2P platform, the exchange told news.Bitcoin.com, “We are clocking approximately around 2-5 Million INR [$ 27,194 – $ 67,985] per week in India & our volumes are looking promising in Canada & Nigeria as well.”
Coindcx also allows its users to convert over 80 cryptocurrencies into the Indian rupee. Its P2P platform Dcxinsta allows users to buy cryptocurrencies “instantly with INR … in less than 60 seconds,” according to the exchange’s website. On Thursday, Coindcx announced that “INR open order book” is now live on the exchange so users can now “place limit orders for trading in INR and see a complete order book using their existing INR wallets.”
The CEO of Coindcx, Sumit Gupta, explained to news.Bitcoin.com that the “Minimum buy or sell amount for any user is Rs 10. (approx. 15 cents)” on his exchange, emphasizing that “every Indian can now invest in crypto.” He further revealed that on his P2P platform:
We’re getting a phenomenal response from users with average no. of orders being more than 10 per Dcxinsta user.
Disclaimer: Bitcoin.com does not endorse or support claims made by exchanges in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
What do you think of the growing popularity of P2P trading in India amid the RBI ban? Let us know in the comments section below.
Images courtesy of Shutterstock, Wazirx, Instashift, and Coindcx.
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The post Indian Cryptocurrency Exchanges See Rapid Growth in P2P Trading appeared first on Bitcoin News.
China’s economy is growing at the slowest pace since the depths of the financial crisis in early 2009, according to newly released official data that heightens pressure on the leaders in Beijing navigating a trade dispute with the United States.
China’s National Bureau of Statistics said Friday…
During a recent Q3 earnings call, the world’s largest producer of semiconductors, Taiwan Semiconductor Manufacturing Company (TSMC), forecasted weakening growth for the rest of 2018 due to declining demand for cryptocurrency mining hardware. This outlook comes despite anticipating a significant increase in demand for its 7-nanometer processing chips from the high-end smartphone industry.
TSMC Anticipates Weakened Fourth Quarter Growth
Lora Ho, the chief financial officer and senior vice president of finance for TMSC, predicts that declining demand for cryptocurrency mining hardware will offset much of the growth expected to be generated through sales of its 7-nanometer chips.
Ho stated: “Moving into fourth quarter, despite the current market uncertainties, our business will benefit from the continuous steep ramp of 7-nanometer for several high-end smartphones as well as the demand for 16/12-nanometer for the launches of new-generation GPU and AI. However, this growth will be partially offset by continued weakness in cryptocurrency mining demand and inventory management by our customers.”
C.C. Wei, TSMC’s chief executive officer and vice chairman, reiterated Ho’s predictions, stating: “Our second half of 2018 business will be strongly supported by the 7-nanometer ramp-up, which is mainly driven by a few new smartphone launches. However, our business is also negatively impacted by further weakening of cryptocurrency mining demand.”
TSMC Reduces Annual Growth Forecast
Taking all factors into account, Wei estimates TSMC’s 2018 growth will be approximately 6.5 percent, falling slightly short of the company’s prediction of between seven percent and nine percent total growth for 2018, as delivered during the company’s previous earnings call.
Ho predicts that TSCM’sl fourth-quarter revenue should reach between $ 9.35 billion and $ 9.45 billion – a 10.7 percent sequential increase in the company’s revenue.
Ho also predicts TSMC to post a fourth-quarter gross margin of between 47 percent and 49 percent, and an operating margin of between 36 percent and 38 percent.
Do you think that demand for mining hardware will increase again? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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The post Weak Demand for Mining Hardware Impacts TSMC’s Growth Outlook appeared first on Bitcoin News.
Procter & Gamble reported stronger sales in the latest quarter, driven by gains in the beauty segment, as the consumer-products giant seeks to snap a stretch of lackluster growth.
WSJ.com: US Business
South Africa is the most cryptocurrency-friendly country in Africa, according to the 2018 World Payments Report by French banking group BNB Paribas and IT company Capgemini. Compared to other major economies on the continent, South Africa has allowed digital currency-based payments, trades and investments to flourish almost unhindered.
As Digital Payments Rise, Leading African Economies Trade Cautiously on Cryptocurrency
The report, released Oct.17, concluded that digital payments, including cryptocurrencies like bitcoin, have grown sharply all around the world, and “are experiencing a boom, driven by developing markets”, including Africa.
Ghana and Kenya, the 11th and 9th biggest economies in Africa, respectively, are still in the consultation phase. Nigeria, the continent’s biggest economy, with a GDP of $ 376 billion, is opposed to virtual currency, officials have said. The central banks of Kenya and Nigeria have both likened cryptocurrencies to a “pyramid scheme.”
“The central bank of Nigeria has also imposed a complete ban on bitcoin and the likes, while Brazil also has banned cryptocurrency,” said the report, which detailed that global cashless transactions rose 10.1 percent to 482.6 billion at the end of 2016. Non-cash transactions include checks, debit cards, credit card payments, credit transfers and direct debit transactions.
South Africa Leads in Crypto Regulation, Adoption and Development
Africa has steadily accelerated the switch to modern technologies. Cellphone-based payments have expanded particularly fast in countries like Kenya, Uganda and Zimbabwe. But it is South Africa, the continent’s most sophisticated economy, that leads the pack where cryptocurrency regulation, adoption and development is concerned.
The economy is home to a number of bitcoin ATMs and digital currency exchanges – including Luno, which has two million customers throughout the world – allowing people to buy and sell digital coins in the local fiat currency, rand. Domestic financial companies, including banks, are starting to step into the space. On Monday, Standard Bank said it is looking to establish a number of events to help explain the benefits and risks of cryptocurrency and the blockchain.
This is all thanks to the open-mindedness of the South African Reserve Bank (SARB). Although the regulator does not recognize cryptocurrency as legal tender, it has not prevented trade in such. In April, the bank announced plans to create guidelines for cryptocurrency markets in the country. SARB has also tested an inter-bank settlement system code named Project Kohka, which runs on the Ethereum blockchain, aiming to speed up payments.
Emerging Markets See Sharp Growth in Cashless Transactions
Meanwhile, the World Payments Report – based on data from the World Bank, the Bank for International Settlements and the European Central Bank’s statistical database – showed that developing markets are at the forefront of a global boom in digital payments, with Russia (annual growth of 36.5 percent), India (33.2 percent) and China (25.8 percent) as notable movers in the 2015-16 period.
Mature markets maintained steady growth of more than 7 percent in the period under review. Developing markets are seen growing 21.6 percent, led by Asia at 28.8 percent over the next five years. By 2021, developing markets are expected to account for around half of all non-cash transactions worldwide, overtaking the mature markets for the first time, whose current share stands at 66.3 percent.
Anirban Bose, CEO of Capgemini’s Financial Services, said it is critical for banks to find ways to tap into cryptocurrencies and other non-cash payment methods if they are to remain relevant.
“With their significant market share in the payments industry and implementation of new technologies, banks are in a unique position to shape the marketplace. They can also create new revenue streams through innovative, collaborative relationships with fintechs and active participation by the broader financial services community,” Bose said in a separate press release.
The report further indicated that high numbers of non-cash transactions can provide benefits to the society, addressing growing challenges of corruption – especially in Africa. This is because non-cash transactions share a positive linear correlation with corruption perception index.
This probably emanates from the fact that digital transactions from financial institutions and mobile money can be more easily traced than cash, hence can allow law enforcement agents to investigate and prosecute the suspicious transactions. The WPR report also noted that the more payments are shifted to cashless instruments, the more likely that huge cash transactions can be “flagged and investigated, reducing the possible means of accepting illicit or fraudulent payments.”
“Governments should create the necessary supply-side push for such transactions by creating the supporting infrastructure, bringing positive change with regulations, and promoting non-cash transations to create a conducive environment for digital transactions to grow,” the report warned.
What do you think about the cryptocurrency landscape in Africa? Let us know what you think in the comments section below.
Images courtesy of Shutterstock.
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A healthy dose of job growth has long been seen as a likely cure for poverty. But new research suggests that poor Americans are frequently left behind even when their cities or communities benefit from hiring booms.
When cities such as Charlotte, N.C., and Atlanta enjoyed a job surge in the 20…
U.S. employers added just 134,000 jobs in September, the fewest in a year, though the figure probably was lowered by Hurricane Florence, the Labor Department reported Friday. Meanwhile, the unemployment rate fell to 3.7%, the lowest level since 1969.
Hurricane Florence struck North and South Carolina…
Encouraging reports on hiring and growth in the service sector sent small companies and banks higher Wednesday and knocked bond prices into a tailspin. The yield on the benchmark 10-year Treasury note surged to its highest level in more than seven years.
Both reports were stronger than analysts…
Russia’s third-class communal railcars have for decades melded together people, cuisine and customs from across the nation’s 11 time zones. Now passengers fear something vital will be lost as the “platzkart” gets redesigned and replaced as part of an effort to boost a sanction-laden economy.
WSJ.com: What’s News Europe