The Indian virtual currency market is still flourishing even though speculations are afloat around the administration looking to curb cryptocurrency activity in the nation.
Notably, the peer to peer cryptocurrency market has allegedly tripled in size regardless of the administration’s supposed plans of proscribing the cryptocurrencies.
Speculations are afloat that the Indian government is mulling over prohibiting cryptocurrencies in the nation. Hitherto the peer-to-peer cryptocurrency market in India is surging without any significant stoppage, allegedly mounting by approximately three hundred percent to touch an All Time High.
The foremost contributing factor to the advancement of P2P crypto trading is supposedly the ruling by the Supreme Court of India ruling against the prior ban. Notably, in the month of March, the Supreme Court of India revoked the prohibition on financial institutions to provide digital currency services in the South Asian nation.
Since then, the crypto exchanges presenting P2P Bitcoin transaction facility have been on a notable rise over the last couple of months. As per data from UsefulTulips, BTC traded within India increased from around one and a half million USD in the month of January to over four million USD this month.
At the moment, the P2P cryptocurrency market is receiving positive sentiments from the worldwide crypto community, which is also a major factor behind upsurge in the growth of P2P cryptocurrency market in India.
What do you think about the rapid increase in P2P activity in the Indian crypto ecosystem? Let us know in the comments below!