India recently extended its nationwide lockdown by another fortnight due to the coronavirus outbreak. While lockdowns have crippled many economies worldwide, the Indian crypto sector is seeing significant growth in interest, trading volumes as well as the number of new users.
Nischal Shetty one of the owners of the biggest Indian crypto exchange wazirx talk on this and seen very satisfied with how the people asking many questions about bitcoins and crypto on tweeter. he maintained that people in India are more upbeat about crypto,” especially with the recent cryptocurrency price increases, he described, reiterating the positive trend he observed in April.
The extended lockdown has led to people showing even greater interest in crypto in India. With millions of people not having the opportunity to work due to lockdown, crypto is turning out to be an opportunity for Indians to trade and earn from it.
Sathvik Vishwanath, CEO of cryptocurrency exchange Unocoin, shares the positive sentiment. “Given the crypto industry has opened up two months ago, I would say the industry is happy in spite of lockdown,” he told news.Bitcoin.com on Monday. “This situation is a lot better than the one we faced due to regulatory confusion for two years.”
Zebpay chief marketing officer Vikram Rangala sees a similar trend at his exchange. “The extended lockdown has not hurt Zebpay’s business,” he told news.Bitcoin.com. “More likely, being at home gives people time to download our ebooks, learn about crypto, and decide to join Zebpay.
All three crypto exchange executives are seeing record-breaking volumes on their trading platforms. “Our trading volume has been increasing rapidly week over week,” Wazirx’s CEO confirmed. “In fact, this week we recorded one of our highest daily trading volume of over $10M.”
There are also other factors that could have resulted in increased interest in cryptocurrency as well as trading volumes in India. both the pandemic and the regulatory clarity happened at the same time in India.” It was only in March that the Supreme Court of India removes the banking restriction that the central bank, the Reserve Bank of India (RBI), imposed on the crypto industry in its April 2018 circular. After this Apix court, the order Crypto trade by the bank has become legal in India.