Recently the Supreme Court of India lifted the ban on Cryptocurrency which marked the return of many exchanges as well as some new ones. Hearing this decision Zebpay the former biggest exchange in India also relaunched their operations. Ever since after this, if we go by the reports of popular trading platforms, bitcoin trading volume has exploded in India.
Paxful and Localbitcoins both p2p platforms have shown tremendous growth. Below is a graph for reference that shows the combined volume of bitcoin trading for both p2p exchanges.
“The Indian market holds great potential and importance for the future of the crypto economy. People in India are betting big on Bitcoin, which is presenting an opportunity for greater financial returns. We are actively focusing our efforts on bringing cryptocurrency to the masses across the nation to aid in the eradication of poverty, boost economies and create jobs.”- Paxful CEO Ray Youssef.
For mass adoption of cryptocurrency, India is a very important market and this explosion of trading volume combined with the lifting of ban from cryptocurrency has been certainly a very good news for cryptocurrency amongst this very uncertain and recession times we are in right now.