Crypto-rupee volumes surge in India as trading shifts to exchanges

A shift from peer-to-peer to exchange-administered payments has fuelled a sharp rise in cryptocurrency trading in India since March 2020. The Supreme Court invalidated an Reserve Bank of India (RBI) ban on crypto payments on 5 March, allowing banks to do business with crypto exchanges.

These exchanges resumed rupee transactions, allowing their customers to convert rupee to cryptocurrencies and vice versa. The rebound in exchange trading has been accompanied by a thaw in mainstream responses to cryptocurrenies.

Earlier this month, in a discussion with a business channel former RBI governor Raghuram Rajan said cryptocurrencies could have a role to play in a world in which central banks issue their own cryptocurrencies. On 24 August, the International Monetary Fund (IMF) released an educational video on cryptocurrency.