The Indian cryptocurrencies market saw considerable growth in 2017, mainly due to the astronomical rise of Bitcoin. Despite their government\'s efforts towards curbing the influx of Blockchain and digital currencies, India seems to be fully invested in the new technology. National interest is reflected in the escalation of cryptocurrency reporting in mainstream Indian media, with frequent advice on investment countered by cautionary government warnings.

Exponential demand in May caused trading limits to be set on Bitcoin by Indian exchanges, owing to lack of supply, but by October they were acquiring new users at a rate of 200,000 a month and two new cryptocurrency exchanges were launched during the year. 

Blockchain also hit Indian headlines in 2017, with a proposal that the tech should be used to digitalise the Indian Rupee. The State Bank of India launched Blockchain initiatives for AML and KYC data sharing among all Indian banks, as well as their own KYC verification system, and further announced plans for beta testing smart contracts.

Two cryptocurrency organizations were also formed by the major blockchain and crypto players. DABFI (Digital Assets and Blockchain Foundation of India), aims at self-regulating the industry, while the separate Blockchain Foundation of India sees major Indian cryptocurrency exchanges linking up with global industry leaders. 

Overall, Indian Bitcoin exchanges and trading volumes grew considerably in 2017, despite government caution, and look set to continue in 2018.