Ever since the Supreme Court overturned the ban imposed by RBI in March 2020, there has been a tremendous increase in P2P transactions. During that time, the highest recorded weekly trade volume stood at $2.28 million. And now, owing to the positive sentiments surrounding cryptocurrencies in the US and other countries, P2P trade volumes have reached new heights. The trade volume recorded in the first week of Aug was $4.4 million. Countries, including the US, UK, Japan, and Australia have already started regulating the crypto market. They are very optimistic about the benefits it can serve to the customers.
Indian crypto experts are also optimistic about the growing sentiment towards the digital asset market. According to them, after carefully examining crypto and blockchain’s utility, a full ban is unlikely. Although a blanket ban is still possible. Amid the ongoing COVID pandemic in India, the crypto market remains one of the very few sectors showing sustained growth. Hence this could best time for the government to create an environment with regulations for crypto assets instead of imposing restrictions by banning the crypto trade.