Indian cryptocurrency exchanges are reporting a surge in P2P trading

21 Oct, 2018
by Richard Allen
News
Indian cryptocurrency exchanges are reporting a surge in P2P trading

Peer-to-peer (P2P) cryptocurrency trading platforms in India have been reporting a surge in trading activity following the country’s banking ban.

Nischal Shetty, CEO of Indian crypto exchange Wazirx told News.Bitcoin.com that “In a bear market with no banking, Indians are warming up to P2P in amazing ways.” Wazirx reportedly launched its exchange-escrowed P2P on July 10,  a week before the banking ban took effect.

The central bank of India banned all financial institutions in the country from providing service to crypto-related businesses. The country’s supreme court has repeatedly delated hearing petitions against the ban, so exchanges have been implementing workarounds, like P2P trading and cryptocurrency ATMs.

“P2P is working great for Wazirx. It’s helping us increase our daily trading volumes as well. In fact a few days ago we hit 100 BTC in daily trading volume for the first time … we’ve crossed over $5M in P2P in the 3 months since we’ve gone live,” Shetty says.

Wazirx revealed that trading volumes had grown 35% following the ban, consistently reaching 50 BTC a day in trading volumes.

India recently announced that it may make the holding of digital assets that haven’t been approved by the government a punishable offense.

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