Recently, the Supreme Court of India lifted the Reserve Bank’s ban on crypto services by local financial organizations.
Internet users took the court decision as a relaxation of pressure on the industry and sharply increased investment in bitcoin. An inflow of capital was recorded by the Paxful platform.
Its CEO Ray Youssef said that in monthly terms, the influx of new users increased by 28%. Soon, the Paxful community in the Telegram messenger will exceed 10,000 participants.
Trade turnover through this platform increased by more than 800% from $ 2.2 million to $ 22.1 million in the first five months of 2020, compared with the same period last year. The weekly turnover is about $ 1 million. The monthly amount of bitcoin transactions reaches $ 6.2 million.
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Youssef emphasized:
"The Indian market has enormous potential and has a great influence on the future of crypto-economics. We are stepping up our efforts to bring cryptocurrency to the masses across the country".
Note that despite the lifting of the ban on banks serving cryptocurrency companies, the cryptocurrency industry has not yet been legalized in India. Many credit organizations continue to refuse to service startups related to the crypto sphere, even after the Central Bank’s ban was lifted.