Coin Dance, a community-driven, Bitcoin statistics and services platform’s statistics show that peer-to-peer (P2P) bitcoin trading in India has nearly doubled in the last year. According to data collected from Paxful, Indians are now exchanging roughly 121 BTC every week on the platform. This had a huge contrast compared to the weekly volumes of 65 BTC exchanged during the same time last year.
The highest monthly volume was in July when transactions totaled more than 570 BTC. As of the third quarter of 2022, Indians had transacted $11.2 million in BTC, representing a substantial rise from the same period last year. In the third quarter of 2022, that figure was $15.7 million.
That’s a 40% rise in the volume of bitcoin trading in the nation, despite the hefty new tax regulations that have been implemented this year. Interestingly, most of the growth in P2P trading occurred in Q3, right after the tax policies were implemented.
However, following the introduction of the tax legislation, volumes on crypto exchanges in India plummeted, causing significant financial difficulty. Trading volumes have dropped significantly on major Indian exchanges like WazirX, Zebpay, and CoinDCX.
By the end of May, all exchanges had seen consistently high figures, with WazirX reaching a peak of $163 million in daily volume. Both Zebpay and CoinDCX saw high trading volume, with Zebpay reaching $27 million and CoinDCX reaching $49 million. Since the beginning of May, trading activity across all exchanges has been below $1 million.
Despite the lack of retail trading activity, India ranked third in the world in terms of Web3 workforce size. The National Association of Software and Services Companies (NASSCOM), a non-profit in India, has released a report claiming that the country is home to 11% of the world’s Web3 talent.
There are now almost 75,000 blockchain specialists working in India, making it the third biggest Web3 workforce in the world. Furthermore, according to the organization, the talent pool is predicted to increase by over 120% within the next two years.
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Source: Cryptocurrency - investing.com
