Indian crypto business is trying to survive in a lockout. Sometimes successfully. Local exchangers have found a way to bypass the temporary ban on the turnover of virtual tokens. The wise men of antiquity were right saying that nobody can keep water in a sieve.
One of the local crypto exchanges guarantees its clients to transfer their virtual coins in rupees in 30 minutes. In order not to fall for the ban, transactions are carried out through individuals, using the P2P protocol. The trader directly hurls the seller and the buyer of the crypto and receives 0.2% of the transaction for this.
If the exchange specialist does not make it in time, the client is entitled to the compensation of 1 XRP ($3.4). However, all the operations are carried out only during working hours. In India banks are open from 9 a.m. and close at 6 p.m. So better not be late with the decision. Otherwise, one has to wait for the next day.
Cryptocurrencies are sold in China almost after the same pattern. Previously, interested parties simply arranged during messaging in WeChat, met in offices, bars and closed deals directly. Accounts of crypto enthusiasts have been blocked by the messenger, and currently OTC-platforms, such as CoinCola, remained for the transfer of money to the crypto. The transaction scheme is about the same. The only difference is that they are conducted around the clock.
Quite possibly that the authorities of China, and, maybe, of India, will ban these platforms too in due course. But will it help to discourage residents from investing in cryptocurrencies?
The answer is plain to see. “NO”. About 80% of technological resources of the crypto industry are concentrated in China such as manufacturers of mining equipment, mining farms, and energy service companies. India is also a country with a great potential for the development of the virtual market. Businessmen and simple people who have believed in the new economy are not likely to give up all their efforts.
Crypto tourism is gaining popularity recently. Moreover, some major players, such as the global digital wallet CoinsBank, have joined the industry already.
Together with travel agencies, digital corporations send people to the destinations related to the blockchain industry. By lucky happenstance, these areas are located in good climatic zones – Malta, the Bermuda Islands, and Vanuatu. And no bans and prohibitions can prevent people from conducting financial transactions, which are, in addition, hard to trace electronically in other, more favorable jurisdictions. Special financial programs are offered to the crypto tourists. The package tours cost from $1000 to $3000. More than half of the tours are reserved for six months in advance, as these costs are easily repaid.
Millions of Indian tourists and dozens of millions of Chinese tourists travel around the world annually. The irony is the more crypto industry is tabooed by certain national governments the wider it will spread around the world. It is globalization in its pure form.