Citizens in India started turning to cryptocurrencies during quarantine days.
According to the news of Bitcoin.com, there is an almost 10-fold increase in the trading volume of crypto exchanges in India. The reason for this is that people in the country started using crypto money on quarantine days.
According to Nischal Shetty, CEO of WazirX, one of the domestic crypto exchanges, the number of people trying to get information about cryptocurrencies started to increase in quarantine days. Millions of people who have been unemployed because of the coronavirus have begun to look for new ways to make money. As a result, the number of people trying to make money by buying and selling in the stock markets has also increased.
Increased 10 Times
Cryptocurrency companies in India have faced various difficulties in recent months due to the decision of the Central Bank. But with the decision taken by the Supreme Court, the crypto money sector has started to revive.
Vikram Rangala, one of the executives of another stock market, Zebpay; He says the cryptocurrency industry in the country is in a very good state right now. According to his statements, while many sectors were negatively affected by the coronavirus, the crypto money sector has even started to grow.
According to information reported by Bitcoin.com, there is a serious growth in the volumes of these exchanges. According to the statements of WazirX CEO, the daily trading volume of the stock market reached a record level last week. Meanwhile, the number of new users in the stock market started to increase. Shetty says:
“Before quarantine, we had a trade volume of $ 1 million a day. This number has doubled in 60 days. ”