Cryptocurrency market is booming by last few years. Cryptocurrency price looks volatile but mostly moving upward on an average. The market capital of Cryptocurrency is around USD 500 billion as per CoinMarketCap. People who have not plunged in the Cryptocurrency market have a feel of missed the boat. The Cryptocurrencies are traded on Cryptocurrency exchanges. The Indian Cryptocurrency exchanges are operational in India only. Global Cryptocurrency enthusiasts are unable to use Indian exchanges due to many hurdles.
Following are the main hurdles of Indian exchanges in becoming global players
The main difference between global Cryptocurrency exchanges and Indian exchanges is, global exchanges allow crypto-to-crypto trading but Indian exchanges allow fiat-to-crypto trading. Indian Cryptocurrency exchanges are not allowing traders to buy a Cryptocurrency by using another Cryptocurrency. Traders at Indian exchanges can buy a Cryptocurrency by using Indian Rupees (INR) only, which is by using fiat currency INR only. Even if only fiat currency is used, Indian Cryptocurrency exchanges have not included other global fiat currencies like USD, Euro, GBP, and so on. This is a major hurdle for global Cryptocurrency traders. India based Cryptocurrency exchanges should allow either crypto-to-crypto trading or should include other global fiat currencies. In this way Cryptocurrency traders from other countries can also participate in trading activities using Indian Cryptocurrency exchanges.
As Indian exchanges are dealing with the legal tendered currency INR, it is forced legally to have personal identity information of the traders and share that data with the government of the country. Global Cryptocurrency traders do not want to share such personal information or are very much reluctant to it. Different countries have different documents for personal identification. This consideration has not been taken. What documents are getting asked by Indian exchanges for identity verification, are missing with foreign traders. In this way global Cryptocurrency traders are unable to verify their identity. Indian exchanges are not showing any interest to address this issue and happy with their Indian traders only. This scenario must be improved if they really want to compete globally.
Number of Cryptocurrencies
There is about 785 Cryptocurrencies in the contemporary world. Different parts of the world can have different famous Cryptocurrency. As many Cryptocurrencies will be available on the exchanges that much people can be included in the trading. Indian Cryptocurrency exchanges have listed a very less number of Cryptocurrencies in comparison to the global exchanges. Obviously, less foreign country Cryptocurrency traders will be able to take interest in trading at Indian exchanges. India based Cryptocurrency exchanges must enlarge their list of Cryptocurrencies offered for trading.
Performance & Security
In case of Cryptocurrency exchanges performance and security are a foremost requirement. Due to high number of trading demands the system must be very fast and able to process high number of transactions per second. Some global exchanges are allowing 14000 transactions per second. Indian exchanges look vulnerable at it. Indian exchanges need to enhance the performances. Every system in the world get claims of highly secured. This is an internal matter until any system suffers from DDoS attack. Indian exchanges so far looked secured. Indian Cryptocurrency exchanges shouldn’t have any issue in optimizing the performance and up the ante for high security. As, there are many Cryptocurrency exchange development teams hails from India. They certainly can take care of these.
Let us see how much time Indian Cryptocurrency exchanges take to compete globally. Or, even if they are willing so or not time will tell. They must be looking forward to become a global player in Cryptocurrency trading. They might be waiting for their government to take a stance on Cryptocurrency. That time doesn’t look far away. Let’s hope for the best.