400% increase in the trading volume of cryptocurrencies

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Mumbai, Ta. 13 July 2020, Monday

According to a report, the trading volume of cryptocurrencies in the country has increased by 300 per cent during the lockdown period following the coronavirus. With the lifting of the ban on cryptocurrency, the volume has been on the rise since early 2020.

The last four months have seen retail and other players turn to cryptocurrency trading. Due to the lockdown, people have resorted to home-based trading to make money, including cryptocurrency trading, the report said.

It was also claimed that the daily trading volume of cryptocurrencies in India is currently between one to three million dollars. However, sources said that many regulatory issues are still pending regarding trading in cryptocurrencies.

Lockdown has been a big reason behind the increase in volumes. During this period, investors have ample time to understand new investment tools. People who are currently losing their jobs are also trying their luck in online trading, the report said.

The government has not yet formulated a specific policy to regulate the trading of cryptocurrencies.

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