India's investments in the cryptocurrency sector have increased since the ban was declared unconstitutional.
In fact, the people of India had already had some interest in these new financial assets for some time, but the restrictions imposed by the government and the central bank had always significantly limited effective investments.
Therefore, it is not surprising that, now that the situation seems to be returning to normal, investors in India finally feel comfortable buying cryptocurrencies and are actually starting to do so.
To be honest, in LocalBitcoins, for example, the current volumes are still much lower than they were in the middle of last year, but the comparison can be misleading, since they have been greatly reduced since October due to new regulations on the platform
On the contrary, as regards the situation after the elimination of the ban, it is still too early to say it, because the LocalBitcoins data is updated only during the weekend and the last figure corresponds to the week that ended the March 7 (the ban was declared unconstitutional on March 4).
A different story for Paxful, where the week ending March 7 has already set the highest record and the same value could be exceeded this week.
However, it must be said 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 been produced the previous week, the week that ended on February 29.
The cryptocurrency sector in India according to Google
Google Trends It provides an indirect but much clearer finding, which shows that on March 4 there was a real search boom for the word "bitcoin" in India.
Suffice it to say that, having reached 100 on March 4, 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 It is also active in the country, where it recently acquired a local cryptocurrency exchange, Wazirx.
Wazirx CEO Nischal Shetty said:
“With more than one billion inhabitants, the Indian market is a sleeping giant. I am sure that this trial will have a positive impact on the global crypto ecosystem. This will lead to more new crypto companies in India. Hundreds of startups will be created. Venture capital investment will be activated 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 seems to be an attractive market for fintech as a whole and this could further support the spread of the cryptocurrency sector in India.