The average daily crypto currency trading volumes across the top Indian exchanges has grown by nearly 500% since March 2020, when the Supreme Court struck down the Reserve Bank of India's (RBI) April 2018 circular. While the apex court's order had removed the restrictions on banks from working with crypto firms, the COVID-19 pandemic has also encouraged investors to start investing in crypto currencies. According to data from CoinGecko, the average daily traded volume across the top four Indian crypto currency exchanges stood at over $22.4 million as of December 16, 2020 compared to a little under $4.5 million as of March 1, 2020. The exchanges include WazirX, ZebPay, CoinDCX and BitBNS. Data for other exchanges was not available on CoinGecko. According to research by global crypto currency exchange, Paxful, India is the second biggest Bitcoin nation in Asia, after China, and the sixth biggest in the world, after the United States, Nigeria, China, Canada and the United Kingdom. Between January 1 and November 14, 2020, close to $74.92 million Bitcoins were traded on Paxful by Indian investors, which is 347% higher than the previous year, it said. Factors driving crypto adoption in India As a result of the Supreme Court order, the majority of Indian crypto currency exchanges shifted their business model from a Peer-2-Peer model to a direct model, whereby Indian crypto investors could buy crypto currencies directly through their debit or credit cards and bank accounts. The fact that banks are now open to doing business with…
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