April 9, 2020 Indian cryptoasset trading volumes increase significantly since the beginning of March.

Trading volumes for cryptoassets in India have increased significantly following the decision by India’s supreme court on March 4 to reverse the nation’s central bank’s ban on banks servicing cryptoasset-based companies and the commencement of India’s national lockdown on March 24. Cashaa India reported an 800% increase in volumes in the two days following the reversal with the strength persisting in the weeks since while WazirX has seen a 25% increase in registrations during the COVID-19 lockdown period and a corresponding 60% increase in daily trading volumes over the past 30 days. CoinDCX also reported similar growth. Aside from the change in national policy and citizens spending more time at home, the increased activity has been partly attributed to the collapse of India’s fourth-largest lender, Yes Bank on March 6 that has undermined confidence in the country’s financial system.