Bitcoin Use in India is Surging, Coin Dance Data Shows
The latest figures from LocalBitcoins show that there has been an increase in the number of users as well as the use of the world’s top digital currency, Bitcoin, in India.
According to Coin Dance, weekly LocalBitcoins volume for Bitcoin rose by over 100 percent in the week of Nov. 26 compared to the previous week - that is 27.7 mln Indian Rupee (INR) in the week of Nov. 26 compared to 16.3 mln INR in the week of Nov. 19.
Several factors could have been responsible for this surge. Top among them is the recent demonetization of certain denominations in India’s currency. As the world’s largest receiver of remittances, Indians were abruptly stopped from using the old 500 INR and 1000 INR. Another factor that could have contributed to the surge is the rumor that the government plans on banning gold imports.
However, while it could be said that the total amount of the currently traded figure - which tops at an equivalent of approximately $408,000 weekly - could still be considered disproportionate to the huge market potential of Bitcoin in a country like India, it shows that the digital currency is gradually picking up particularly when looking at it from the perspective of the values involved.