Interview with Owner of Bitbns Offers Insights into India’s Regulatory Environment for Cryptocurrency

During an interview with Gaurav Dahake, the owner of Bitbns, it is evident that the Indian cryptocurrency exchange has faced numerous challenges compared to its counterparts in other countries. Bitbns was established in 2017 during the peak of the cryptocurrency frenzy in India, with daily trading volumes reaching up to $200-300 million.

However, the situation took a turn in 2018 when the Reserve Bank of India imposed a ban on banking services for cryptocurrency firms. This ban prevented the use of the Indian rupee as a medium of exchange, making it impossible for traders to enter or exit the market easily.

Despite this setback, Bitbns persevered and offered trading in stablecoins as an alternative. The company’s efforts paid off when the Indian Supreme Court overturned the RBI’s decision in March this year, marking a significant victory for the cryptocurrency industry in India. Since then, cryptocurrency exchanges have experienced a surge in trading activity.

Coinfomania had the opportunity to speak with Gaurav Dahake to discuss the progress of Bitbns and gain insights into the future of cryptocurrency adoption in India.

When asked about the main goals of Bitbns and what sets it apart from other Indian exchanges, Dahake explained that it has become India’s largest fiat exchange since the lifting of the RBI ban. However, Bitbns offers more than just a fiat-spot market. Traders have access to various products, including margin trading with 4x leverage and API trading. The company also plans to expand its derivatives products by introducing options contracts. Additionally, Bitbns offers a dollar-cost averaging investment strategy for Bitcoin and Ethereum through Bitdroplet, a standalone feature on its platform.

Recently, Bitbns has entered the decentralized finance (DeFi) space by listing popular DeFi tokens like YFI and COMP. The company is also launching its own DeFi protocol and token for yield farming, called BNSD.

When asked about how the uncertain regulations in India have shaped Bitbns, Dahake acknowledged that it has made the company more resilient and adaptable. However, he is optimistic about the future now that cryptocurrency operators have more freedom to conduct business. Dahake believes that the crypto markets in India have vast potential and can provide opportunities for income through trading or lending.

Dahake dismisses the idea that the Indian government will succeed in banning cryptocurrency in the future. He has expressed his skepticism on Medium, quoting Victor Hugo to summarize his thoughts.

Dahake’s interest in crypto began during his time as an engineering student at the Indian Institute of Technology. He and his friends attempted to mine Bitcoin using a high-end PC, but their efforts were short-lived as they ended up using the PC to play FIFA. After college, Dahake became a serial entrepreneur and founded several successful companies. His experience in the Indian innovation landscape has positioned him well to drive the growth agenda at Bitbns.

Dahake is extremely optimistic about the future of crypto, particularly in the DeFi space. He predicts that Bitcoin could reach $50,000 by 2023 and that YFI could hit $100,000 by 2022. These estimates are in dollars, not rupees, and Dahake remains hopeful that they will come to fruition.

Overall, Bitbns has overcome significant challenges and is now poised for growth in the Indian cryptocurrency market.