Since India lifted the ban on virtual currency trading, there has been an enormous increase in trading volume and users.
RBI lifted this ban on March 4, until then, entities in India could not provide any services related to virtual currencies, because Act from the Central Bank of 6 April 2018 prohibited these activities.
Indicators of increased interest are cryptocurrency exchanges such as WazirX and Coinswitch.
WazirX, the largest cryptocurrency exchange in the last 30 days, has a daily trading increase of more than 470%, the company currently has more than 300,000 registered users and has totaled reached trading volume $ 286.3 million to date.
“With a population of more than 1 billion, the Indian market is a sleeping giant. The news on RBI lifting the ban will further boost crypto adoption in India,” said Nischal Shetty, founder and CEO, WazirX.
CoinSwitch cryptocurrency exchange is also popular in India and its Ashish Singhal, chief executive officer, said:
“RBI lifting the ban of cryptocurrency trading in India has fuelled new energy in the market. The volatility in the market due to covid-19 is also encouraging more people to trade in the exchanges,”
“About 10% of our user base is in India as of today but with the new regulations and current environment, the number is expected to substantially increase,” Singhal said.
CoinSwitch is a cryptocurrency exchange that is available in more than 160 countries with approximately 400,000 active traders.
Crypto trading is very popular in India and it is known that even during the ban, users continued to connect via the P2P network, the current situation and the lifting of the ban so caused multiple growth of new users registrations.