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Nationwide Lockdown: Indian Cryptocurrency Exchanges See Signups and Trade Volumes Increase

India is currently under a nationwide lockdown due to the coronavirus outbreak. News.Bitcoin.com talked to executives of local cryptocurrency exchanges to find out the impact of the lockdown on cryptocurrency trading. They revealed that more people are actually trading cryptocurrencies on their platforms since the lockdown began.

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More People Trading Cryptos Since the Lockdown

The Indian crypto community has been rebuilding ever since the supreme court lifted the RBI ban. Then, in response to the covid-19 pandemic, Prime Minister Narendra Modi announced on March 25 a 21-day nationwide lockdown — the period which ends on April 14.

Nischal Shetty, CEO of local crypto exchange Wazirx, shared with news.Bitcoin.com about the impact of the lockdown on cryptocurrency trading on his platform. He said, “we’ve seen a spike in the number of people trading on Wazirx ever since the lockdown,” adding:

Signups have increased greatly since the banking restriction was lifted but a further 25% increase in signups since the lockdown.

Nationwide Lockdown: Indian Cryptocurrency Exchanges See Signups and Trade Volumes Increase
Some Indian cryptocurrency exchanges have experienced increased trade volumes since the nationwide lockdown began.

Another Indian crypto exchange, Coindcx, is seeing a similar trend. CEO Sumit Gupta shared with news.Bitcoin.com that his exchange witnessed 10 times growth in the first week after the supreme court lifted the RBI ban. As for the effect of the nationwide lockdown, he said: “Post the lockdown situation, we are witnessing the continuation of signup growth and the rate of growth is consistent on a daily basis.” Gupta continued to share that “the number of daily trading volumes and user activity (crypto and INR) deposits on the Coindcx platform are also consistent with respect to before lockdown,” asserting:

This shows that

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