Since the Supreme Court of India has overturned the decision of the central bank of India to stop providing banking services to crypto users, the adoption of crypto has increased quite noticeably. The world’s second most populated country has reported a new record for bitcoin peer-to-peer trading, with $3.4 million worth bitcoin in the past one week. The Asian country is now among the emerging markets that established new records for weekly peer-to-peer Bitcoin trading. Other countries include Ghana, the Philippines, and Argentina.
Influencer marketing in India in some way has also helped the adoption of crypto in the country.
The Indian crypto market sees positive momentum after the overturn of RBI’s ban.
Earlier this year, an industry body representing crypto startups, the Internet and Mobile Association of India (IAMAI) succeeded in its appeal to the Reserve Bank of India (RBI) circular, resulting in a landmark reversal of the country’s cryptocurrency banking ban. The crypto adoption in the country has increased by a lot ever since. Crypto exchanges in the country were not allowed to open bank accounts for more than two years, and most of them had to shut down, and some stopped providing services to Indian users. Now the crypto industry has gained positive momentum in the country.
Peer-to-peer crypto trading increases in India amid the economic slowdown.
The COVID-19 pandemic has dismantled the economy of the whole world, and India has been among the hardest hit. Even before the pandemic began, the Indian economy was already facing a slowdown. Decentralized cryptocurrency like bitcoin did not face much of the impact as faced by traditional financial systems. Therefore, it has acted as a safe haven in a time of an emergency. India’s P2P markets started reporting significant momentum from the Q2 2020 onwards, with Indian volume beating out its December 2017 all-time high of $2.95 million last month before consistently rallying above $3 million this month.