Over the past few months, local Indian Bitcoin exchanges including Unocoin have shown tremendous growth, primarily due to the demonetization of banknotes and the financial crisis which subsequently hit the Indian economy.
In the past two months, one of the top trading Indian websites Unocoin hit record-breaking trading volumes,and its reaching the highest total monthly Bitcoin trading volume.
In November. The company announced that it obtained the large number of users in a month in November, after the announcement by Indian Prime Minister Narendra Modi to impose strict financial regulations.
Rapid growth of the Bitcoin industry in India
Belfrics, a Malaysia-based Bitcoin service provider and exchange, expanded its operations into India to strengthen the Bitcoin infrastructure and trading ecosystem of the country.
Recognizing the rapid growth rate of local Bitcoin exchanges, Belfrics decided to expand its services to India to ensure the general population of India has a wider range of Bitcoin service providers and trading platforms to choose from. The entrance of Belfrics into the Indian Bitcoin exchange market is expected to create solid competition for local Bitcoin exchanges.
Praveen Kumar, CEO of Belfrics, told a local publication in India during an interview that he is optimistic about the growth of the Bitcoin industry and the status of regulatory frameworks within the country. He firmly believes the Indian government is taking an appropriate approach in regulating both the Fintech and Bitcoin industries.
Originally published by cointelegaraph.com on january 26,2017