Past week has seen the all time high in peer to peer Bitcoin trading in India . The Supreme Court’s order which quashed the circular issued by the Central Bank and the Reserve Bank of India that banned the banks from providing services to crypto exchanges accelerated this all time high.
The site calculates the USD equivalent using bitcoin’s price derived from Cryptocompare’s Crypto Coin Aggregated Index.Usefultulips.com
India saw a trading volume of $4.40 million for the week ending August 1st which was an increase from $3.&8 million. This data was derived from two prominent P2P Bitcoin market places the Paxful and Local Bitcoins.
Paxful a prominent P2P Bitcoin marketplace traded 226 BTC for the week ending august 1 which totaled to about 193 million rupees according to sources from Coin.dance.
Ray Youssef the CEO of Paxful commented that the Indian market holds great potential for the future of the crypto economy and people are betting on Bitcoin in big as it presents an opportunity for greater financial returns.
The launch of a new P2P platform in the country allows Indian users to buy cryptocurrency with Indian rupees with zero transaction fees. The Okex P2P trading platform now offers Bitcoin and USDT pairs for INR with more coins becoming available soon.
With many new locations being identified and many people opting for Bitcoin as an alternative for other values, India is soaring high on the Peer to Peer Bitcoin trading which sure has a huge impact on the economical growth.
Wazirx which was acquired by Binance launched INR support on its P2P platform in April which has contributed to the expansion of the cryptocurrency exchange and users can directly buy and sell these such as BTC , ETH,BNB,USDT with transaction fees.
The company states that P2P fiat trade supports 11 fiat currencies and seven crypto currencies.