Bitcoin P2P trading volume in India has been growing rapidly, hitting record highs over the past weeks
Bitcoin P2P trading volume in India is increasing rapidly, reaching record highs in the past weeks. Meanwhile, a new P2P exchange platform has launched in India, as the crypto industry is awaiting the government’s decision on the laws for cryptocurrencies.
Bitcoin P2P trading volume skyrocketed in India
According to statistics from Usefultulips, after combining data from two popular Bitcoin P2P markets, Paxful and Localbitcoins, Bitcoin P2P transaction volume in India has been consistently hitting all-time highs since the beginning. June 2020. Specifically, in the past week, this figure reached a record high of $ 4.40 million, up from $ 3.78 million. This growth started to increase rapidly after the country’s supreme court canceled the Reserve Bank of India (RBI) circular on its decision to ban banks from providing services to crypto exchanges.
Last week, a total of 226 BTC were traded on the Paxful platform, worth about Rs 193 million ($ 2.57 million). P2P trading volume in INR has reached a record high for several consecutive weeks on the platform.
Paxful CEO Ray Youssef commented on the growth of P2P transactions in India as follows:
“The Indian market has great potential and importance to the future of the crypto economy. People in India are betting big on Bitcoin, creating opportunities for greater financial returns.”
On the P2P Bitcoin exchange market Localbitcoins, 161 BTC were traded in the same week, worth about 136 million rupees. While the trading volume on Paxful is increasing, the volume of Localbitcoins has decreased significantly.
And this volume increased, even more, when India launched a new exchange. Not long ago, a new P2P exchange was just launched in India. Specifically, the global cryptocurrency exchange OKEx has launched a new P2P platform in the country, allowing Indian users to purchase cryptocurrencies in Indian Rupees (INR) with zero transaction fees. At the moment, OKEx P2P exchange currently offers Bitcoin and USDT trading pairs for INR, with more coins coming soon.
Other global crypto exchanges are making inroads into the Indian market
Binance, which acquired local crypto exchange Wazirx last year, launched INR support on its P2P platform in April 2020. Users can directly buy and sell cryptocurrencies such as BTC, ETH, BNB, USDT, and BUSD without transaction fees, exchange website details. Kucoin also has a P2P exchange with zero fiat transaction fees. The company says its P2P Fiat Trade platform supports 11 fiat currencies, including INR and seven cryptocurrencies.
The cryptocurrency sector in India has grown significantly amid the Coronavirus pandemic and severe economic crisis. The Indian government has weighed in on a cryptocurrency bill submitted by an inter-ministerial committee led by former Secretary of the Ministry of Finance and Economy (DEA) Subhash Chandra Garg. Although there has been no official announcement from the government, it has been reported that the government will likely proceed with a proposal to ban cryptocurrencies. Hence, we can only wait and see how the situation comes!
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