If you have been regularly following breaking crypto news, then you must have noticed the rapid growth of Bitcoin P2P trading volume in India, hitting higher records. Meanwhile, the crypto industry has been eagerly waiting for the government’s decision on cryptocurrency law.
Bitcoin P2P Trading Volume Soaring
In the past weeks, there has been a rise in the Bitcoin P2P trading volume in India. The underlying factor behind this random growth is the quashing of RBI circular by the apex court of India in March. Let us remind you that this circular stayed the ban on dealing with crypto exchange services by banks.
Since early June, Bitcoin P2P trading volume has been soaring high in India, as stated by Usefultulips, which amalgamates data from Localbitcoins and Paxful, the two eminent P2P Bitcoin marketplaces. Paxful, a prominent Bitcoin P2P marketplace has been experiencing its functional rise in India with tremendous growth in trading volume. The trading of a total of 226 BTC was done on Paxful in August the first ending week.
The future of the crypto-economy has a good scope in terms of its importance and potential in the Indian market. In the same week, the trading of 161 BTC amounting to 136 million rupees, was done on Localbitcoins. In comparison to the latter Bitcoin trading marketplace, where trading volume is at its declining stage, there has been a rise in the trading volume on Paxful.
In India, there has been the launch of the new Bitcoin P2P trading exchange. Okex, a global cryptocurrency exchange, has launched a new P2P platform in India. It will benefit from buying cryptocurrencies with Indian rupees in zero transaction fees for Indian users. Pairs of USDT and Bitcoin for INR are now provided by the Okex P2P trading platform. The availability of more coins might also become possible soon.
Other than Bitcoin P2P marketplaces like Okex, Localbitcoins, and Paxful, there are other global cryptocurrency exchanges that have also been spreading their influence in India. Binance is one of the most popular names that is included in this list. This global crypto exchange has also come up with its P2P platform and has launched INR support on it. It will be an advantage for buying and selling cryptocurrencies, like BNB, BTC, BUSD, USDT, and ETH with zero transaction fees, directly by the users. Joining this brigade is another well-known crypto exchange, Kucoin. This crypto exchange also consists of a P2P trading desk with zero fiat trading fees. Around 11 fiat currencies are known to be underpinned on its P2P Fiat Trade platform.
If you are abreast of recent Bitcoin news, then you will know that Binance, Kucoin, and other global cryptocurrencies along with well-known crypto marketplaces including Okex, Paxful, and Localbitcoins, are behind the soaring of Bitcoin P2P trading in India. However, the Indian government has been carefully considering the cryptocurrency bill presented by the inter-ministerial committee by Subhash Chandra Garg, DEA secretary. Well, it will be too early to predict a government announcement on the cryptocurrency ban. According to CEOs of crypto exchanges, the complete crypto ban is not likely to happen, as much has come out since the submission of the bill to the government, in the previous year.