Indian investments in the crypto sector have been increasing ever since the ban was declared unconstitutional.
In fact, there had already been some interest on the part of the people of India in these new financial assets for some time, but the restrictions imposed by the government and the central bank had always greatly limited effective investments.
It is therefore not surprising that, now that the situation seems to be returning to normal, investors in India are finally comfortable with buying cryptocurrencies and are actually starting to do so.
To be honest, on LocalBitcoins, for example, the current volumes are still much lower than they were in the middle of last year, but the comparison may be misleading, as these have been greatly reduced since October due to the new regulations on the platform.
Conversely, as far as the situation following the removal of the ban is concerned, it is still too early to say, because LocalBitcoins’ data is updated only during the weekend and the last figure is for the week ended March 7th (the ban was declared unconstitutional on March 4th).
A different story instead for Paxful, where the week that ended on March 7th has already set the highest record ever and the very same value could be beaten this week.
It must be said, however, that Paxful continues to have increasing volumes in other parts of the world, so much so that the overall maximum record of all time had occurred the week before, the week ended February 29th.
The crypto sector in India according to Google
An indirect but much clearer finding is provided by Google Trends, which shows that on March 4th there was a real search boom for the word “bitcoin” in India.
Suffice it to say that, having reached 100 on March 4th, the day before this figure was 29, and in the following days it no longer fell below 47.
Another confirmation comes from the Kraken exchange, which admitted that its growth in India had been limited by the ban, and is now pushing hard to promote itself in the country.
Binance is also active in the country, where it recently acquired a local crypto exchange, Wazirx.
The CEO of Wazirx, Nischal Shetty, said:
“With over 1 billion population, the Indian market is a sleeping giant. I’m confident that this judgment will have a positive impact on the global crypto ecosystem. This will lead to more startups in crypto in India. Hundreds of startups will be created. VC investment will activate in the sector. More jobs”.
Other companies have indicated that they are investing in the development of India’s crypto ecosystem, which is expected to grow significantly in the coming months.
Among other things, India appears to be an attractive market for fintech as a whole and this could further support the spread of the crypto sector in India.