Demand for Bitcoin in India has exploded recently, approaching December 2017

According to BlockBeats, bitcoin trading in India exploded in mid-May, with total trading volumes for Paxful and LocalBitcoins approaching $3 million in a week. Over the past month, more bitcoins have been traded on local-point platforms in India than ever before, according to Data from Useful Tulips, an analysis website.

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Trading volume on Paxful in India surged to $1.48 million on May 10, while trading volume on rival platform LocalBitcoins exceeded $1.25 million for a total of about $2.7 million, close to its all-time high of $2.9 million in December 2017.

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Ray Youssef, chief executive of Paxful, said the Indian market has great potential and importance for the future of the encryption economy. Indians are betting on Bitcoin, offering an opportunity for greater financial returns. Paxful is actively working to bring cryptocurrency to all parts of India to help eradicate poverty, promote economic development and create jobs.

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Original link:https://decrypt.co

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