Why India Has the Potential to Lead the P2P Finance Revolution
Cointelegraph
Published Mar 24, 2020 12:00PM ET
Updated Mar 24, 2020 02:00PM ET
India’s cryptocurrency ecosystem has been in limbo since the country’s central bank barred banks from dealing with cryptocurrency exchanges in 2018. As of March 4, the Supreme Court of India has done away with those restrictions on crypto, allowing the second-most populous country — and the most populous democracy — a path to digital-currency freedom. The lifting of the ban by the Supreme Court will open new opportunities for India in terms of investments, the economy and the market as a whole.
After the Reserve Bank of India restricted financial institutions from dealing with cryptocurrency, trade volumes fell significantly overnight. Some, such as BitTorrent creator Bram Cohen, believe this action created a lot of fear, uncertainty and doubt. Because the average person did not have sufficient knowledge to start trading with alternative platforms other than peer-to-peer exchanges, the Indian population wound up becoming a leader in P2P trading.
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Written By: Cointelegraph
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