The Indian crypto P2P market has tripled despite the government’s plans of banning digital assets.
The Indian government has been making moves to ban digital assets in the country since early 2020. The masterminds behind the ban include two ministries and the Reserve Bank of India. Yet the peer-to-peer market has continued to surge ahead, growing by 300% to hit an all-time high (ATH).
A major contributing factor to the growth is the country’s Supreme Court ruling over the earlier ban. In March, the Supreme Court revoked the ban on financial institutions to provide crypto services in the country.
Since then, exchanges offering peer-to-peer Bitcoins have grown exponentially over the months. According to data from UsefulTulips, Bitcoins traded within India grew from $1.52 million in January to $4.4 million in August.
According to Nischal Shetty, the CEO of WazirX, his company’s P2P exchange has been enjoying a 33% monthly growth since the Supreme Court ruling.
Currently, the P2P market is enjoying global positive sentiments. which is fuelling its growth locally in India. OKEx’s launch of a new P2P platform is also a contributing factor to the market’s growth.
Exchange giant Binance also announced earlier this week that it is planning to host a DeFi hackathon and accelerator program in India.