Bitcoin Daily: P2P Bitcoin Trading Up In India After Court Eases Crypto Ban

Paxful, a peer-to-peer (P2P) bitcoin marketplace, registered substantial rises in Indian trade volume amid a regulatory environment in the nation that is becoming more friendly to digital currency, Cointelgraph reported.

Ray Youssef, the company’s CEO, told the outlet that monthly new user sign-ups have jumped by 28 percent. The jump in sign-ups comes after the Supreme Court reversed a prohibition on banks offering financial services to digital currency companies by the Reserve Bank of India (RBI).

Indian trade on Paxful has skyrocketed by 883 percent to $22.1 million from $2.2 million in a comparison of the first five months of this year and last year, per UsefulTulips figures, as cited by Cointelegraph. Maharashtra, Uttar, West Bengal and Delhi are the areas with the most formidable activity when it comes to the count of transactions, according to Youssef.

Youssef said per the outlet, “The Indian market holds great potential and importance for the future of the crypto-economy.”