P2P Bitcoin Exchange Paxful Sees BTC/Rupee Trade Volumes Soar by 22% As India Celebrates Diwali
As India donned its festive hats to celebrate a whole week of Diwali, the real gift went to the peer-to-peer lending exchange Paxful. It saw the country’s Bitcoin trading volume on its platform reach an all-time high.
Despite an increasingly hard stance on cryptocurrency, the interest in Bitcoin in India has only seen an upward trend. The trade volume slope has been positive since the beginning of 2019, however, last week with Diwali round the corner and the general fervour working in the stride of the markets, Paxful recorded 53 million INR worth of trade in Bitcoin on its platform – which was it's all-time record.
The general optimism was noticeable on all bitcoin exchanges in the country with LocalBitcoins registering a trade volume of 87 million INR.
Regulatory uncertainty on crypto trading and the banking restrictions imposed by the Reserve Bank of India have not done much in mellowing the enthusiasm for Bitcoin trading. In fact global trading platforms are recognizing India as a market with huge potential and they continue to expand their operations to serve the Indian users.
The popularity of the crypto platforms in the country can be attributed to the ongoing efforts on their part to build a community focused on educating about peer-to-peer finance. The Bitcoin also has captured a very crucial segment of the remittance market by giving people the ability to transact with one another securely from any part of the world.
With Chinese President Xi Jingpin remarking last week to embrace blockchain wholeheartedly, it would not be surprising to see India step up its game as its competition with its neighboring nation intensifies. If the Indian government softens its stand towards blockchain in the coming months, to follow suit of its biggest rival, the trading volumes will only witness further rise.