Despite the regulatory uncertainty, the Indian crypto market has been manifesting great potential. P2P Bitcoin trading within the country has surged to hit all-time highs. Experts believe that the growing trend is mainly fueled by the Indian supreme court decision to remove the ban from cryptocurrency.
According to Paxful and Localbitcoins, a peer-to-peer Bitcoin marketplaces, analysis, India’s crypto trading volume is consistently growing from the start of 2020. In January 2020, local BTC’s trade volume stood at $1.52 million. Whereas in August 2020, this figure jumped at $4.4 million weekly trade volume.
Pointed out P2P trade volumes on local Indian exchanges Ashish Singhal, CEO of CoinSwitch, said:
“During the first week of August, the combined trade volume on the top two P2P exchanges in India was about USD 4.4 million. In that same period, CoinSwitch Kuber alone facilitated 6.5 million USD in trading volume. So it can be safely assumed that a large portion of crypto investors make use of exchanges instead of P2P platforms.”
Indian Experts Are Optimistic
Although the Indian users have actively been participating in the crypto trade, there may be some consequences of a decline in the future, as some crypto experts believe. Analysts noticed that due to a lack of confidence in the digital sector, some banking entities are still refusing to provide support.
Moreover, the Central Bank of India and major ministers have taken a stand against cryptocurrencies, and are on the offense to halt crypto activities in the country. However, Nischal Shetty, CEO of WazirX, believes that the Indian regulators will shape a welcoming framework, following the steps of leading nations like the U.S, the United Kingdom, Japan, and Australia.