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Trading in Bitcoin P2P in India is flourishing amid a new regulatory regime

June 4, 2020

Paxful announced the Bitcoin P2P market (BTC) a big one Increase in trading volume in India as the country’s regulatory climate benefits crypto holders.

In conversation with Cointelegraph, the CEO of Paxful, Ray Youssef revealed that monthly new user registrations They have increased by 28% and add that the Paxful community for Telegram is approaching 10,000 members.

The Dealer registrations increased after the Reserve Bank of India (RBI) blockade was lifted. Supreme Court decree prohibiting banks from offering financial services to crypto companies.

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Trading in Bitcoin P2P in India is flourishing amid a new regulatory regimeTrading in Bitcoin P2P in India is flourishing amid a new regulatory regime

According to UsefulTulips Trade with Paxful in India has increased by 883%. from $ 2.2 million to $ 22.1 million when comparing the first five months of 2019 and 2020.

Youssef claims that Delhi, Maharashtra, West Bengal and Uttar are the Indian cities that produce the most commercial activities by number of transactions.

In the first half of 2020, Paxful’s weekly volume grew to an average of $ 1 million a week three times in a row each time in the seven-digit range in May. India’s monthly volume on Paxful in May it reached $ 6.2 million. while the average is for 2020 $ 4.4 million.

“The Indian market has great potential and importance for the future of the crypto economy,” said Yousef. “We are actively focusing on Bring crypto economy to the masses across the country to help eradicate poverty Boost economies and create jobs, especially in the post-COVID-19 economy. “

The transfer of the cryptocurrency has not been completed

Although it is obvious Crypto “liberation” in the country has triggered an avalanche of exchanges trying to operate in the country Reports show that Indian financial institutions continue to refuse to provide banking services to many virtual currency companies.

In early May, various cryptocurrency exchanges applied to the Reserve Bank of India to clarify your tax obligations, Some companies feared that the application of the tax on goods and services could pose an existential threat to their business.