Indian Crypto Traders Stocking Up On Bitcoin Despite Proposed Ban

  • The total trading volume between Bitcoin and the Indian rupee has almost doubled in cryptocurrency platforms
  • CoinDCX and WazirX have seen a monthly trading volume between $8-$12 million

In India, the crypto investors saw new dawn when the Supreme Court of India uplifted the ban on cryptocurrency transactions earlier in March. 

Previously, according to a rule imposed by the Reserve Bank of India, it was illegal to trade cryptocurrency. However, once the ban was reversed, it facilitated the crypto investors in India and the budding entrepreneurs who wanted to explore the world of cryptocurrencies.

Trading Volumes on International as Well as Domestic Exchanges Increase

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According to a crypto analytic website, UsefulTulips.org, the total trading volume between Bitcoin and the Indian rupee has almost doubled in cryptocurrency platforms like Paxful and LocalBitcoins in the last few months. The total volume alone in March was approximately equal to $8.14 million, which appreciated $16.26 million by July. However, these foreign platforms were used by the Indian investors before the upliftment of the ban. Following the new SC decision, ingenious trading platforms are also seeing a rise from the local investors. 

Two major Mumbai-based crypto exchanges, CoinDCX and WazirX, have been seeing a monthly trading volume between $8-$12 million. Although this may be very small compared to that of the foreign trading platforms, they signify that the Indian crypto investors are returning back to the business. 

New Crypto Startups Emerging

Indians have always been curious about new technology. Hence the cryptocurrency opens new avenues for businesses and investors. One of the biggest cryptocurrency exchanges, Binance, saw an almost four times increase in the network traffic from India. Many new startups have emerged in India since the recent judgment. TradeHorn Exchange and BitPolo Technologies (both Bangalore-based) are two new exchanges that have emerged in June. Both of them target the new crypto investors in India. 

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Source: https://www.thecoinrepublic.com/2021/05/04/indian-crypto-traders-stocking-up-on-bitcoin-despite-proposed-ban/