Indian investors have plunged into the cryptocurrency market in the recent times to record a heavy growth. There has been a surge in the number of investors in one of the most populated country in the world after the Supreme Court overturned a ban imposed by the Reserve Bank of India (RBI) on cryptocurrency payments in March.
According to a report in Coindesk, Siddhartha Dutta, CEO of Marlin, a tech startup in Bangalore, said the recent spike in demand for bitcoin mirrors Indians’ reaction to demonetization in 2016. The demonetization was brought into the fore by the Modi government to dilute all the blackmoney in the country. The government had decided to put a ban on the Rs. 500 notes and started with the new currency of Rs. 2000, resulting to plenty of blackmoney being sabotaged.
India had seen the cryptocurrency growth slowing after the ban imposed by the Reserve Bank of India (RBI). However, after it has been uplifted, a lot of investors have come to the fore.
The activity in India has seen a dynamic surge with the peer-to-peer exchanges such as Paxful and LocalBitcoins.
Coindesk quoted a spokeswoman for Paxful,saying that the growth of India is among the top-five fastest countries in the world. Paxful’s Indian volumes surged from around $576,000 in May 2019 to $8.97 million in July 2020, and the total peer-to-peer Indian volumes on Paxful and LocalBitcoins reached $13.7 million.