The highly volatile cryptocurrency in india is no exception. Rich rewards can often come with great risks. Global uncertainties have sparked a surge in interest in cryptocurrency trading by large institutional investors and the masses. In the past year, Indians have invested more than 10,000,000 dollars in crypto-based companies thanks to increasing digitization and a flexible regulatory framework.
Cryptocurrency in India
Many major cryptocurrency exchanges around the world are actively looking at India’s crypto market. This has seen a steady rise in trading volume and a drop in prices over the last year. Many new cryptocurrency exchanges have emerged in India as part of the ongoing cryptocurrency frenzy. Is cryptocurrency legal in india, this is everyone’s mind.
They offer functionality through easy-to-use apps that enable trading, buy cryptocurrency in india, and selling. WazirX, India’s largest cryptocurrency trading platform, doubled its user base from 1 million to 2 million between January 2021 and March 2021.
What Is Driving The Largest Crypto Exchanges In The World To India?
Binance, the largest cryptocurrency exchange by transaction volume, purchased WazirX, an Indian trading platform, in 2019. Coin DCX, a crypto startup, was also funded by BitMEX in Seychelles and Coinbase in San Francisco. By June 15, 2021, India’s crypto and blockchain startups had attracted investments of approximately USD99.7 millions. This figure is roughly USD95.4 million for 2020. Global investment in India’s crypto market has increased by 1487% over the past five years.
Global investors have made huge bets, despite India’s vague policy. This is because of a mix of conditions.
Indians Are Tech-Savvy
1.39 billion people are young and tech-savvy. The age ranges from 28 to 29 years. The elder age still likes to invest in gold, real estate and shares. However, the younger ones may now invest in high-risk cryptocurrency exchanges more flexibly since they are. Chainalysis’s 2020 report lists India 11th in global adoption of cryptocurrency. This shows how excited the Indian population is about to buy cryptocurrency in india. The government’s less-than-friendly attitude towards crypto and the rumors surrounding crypto cannot dampen the enthusiasm of the youth in the digital currency market.
If you are searching how to buy cryptocurrency in india, you can use the above mentioned platform.
Reports Of Cryptocurrency In India
India boasts the world’s lowest online pricing. A GB of data from mobile devices is 0.26 dollars, while the worldwide average is 8.53 dollars. India, with over half of its people getting inexpensive internet, is set to be one of the world’s most important crypto economies. SimilarWeb reports that India is the second largest source of traffic to Paxful, a peer-to-peer cryptocurrency trading platform. The “pandemic effect” is still affecting the main economy, but cryptocurrency is growing in popularity as it offers a fast and easy way for the younger generation to make money.
It’s safe to say that cryptocurrency could become for Indian millennials the same as gold was for their parents.
Fintech Start-Ups Are On the Rise
Multiple trading platforms have emerged as a result of the cryptocurrency craze, including WazirX and CoinSwitch, CoinDCX and ZebPay. If you are searching how to invest in cryptocurrency in india, these exchange platforms allow for instant transactions and are highly secure. They can be accessed across multiple platforms. These platforms allow local traders and first-time investors to trade and purchase INR. Trading commissions are as low as 0.1 percent.
Where to Buy Cryptocurrency In India?
WazirX is a leading cryptocurrency exchange platform with more than 900,000. Users, offer customers peer-to-peer transactions. CoinSwitch Kuber is the best cryptocurrency exchange platform in India and is suitable for both beginners and experienced users. Unocoin, India’s oldest cryptocurrency exchange platform, has over a million users who use mobile apps to trade on the platform. CoinDCX offers users the option to exchange 100+ cryptocurrencies and also provides insurance that covers losses in the event of a security breach. Global investors are focusing on India’s many cryptocurrency exchange platforms to profit from this emerging market.
Mixed Government Response
A bill relating to a ban on virtual currencies could be enacted. It would make it illegal for anyone who uses, issues, mines, trades, or transfers crypto assets. Nirmala Sitharaman, Finance and Corporate Affairs Minister, said that cryptocurrency use is not being banned completely.
Deccan Herald, a leading English newspaper, was informed by the Finance Minister that they are clear in their statement that they aren’t closing all avenues. We will give people certain opportunities to experiment with the blockchain, bitcoins or cryptocurrency. The government is still evaluating the security threats posed by cryptocurrency before issuing a ban.
The Supreme Court overturned the decision of the central bank to prohibit financial institutions from trading in cryptocurrency. This prompted investors to invest heavily in the cryptocurrency market. Despite the fear of being banned, transaction volumes increased and users registered and inflows to local crypto-exchanges increased by 300% over a year.
Unocoin, one of India’s oldest crypto-exchanges, saw a growth of 20,000 users between January and February 2021. The Zebpay daily volume in February 2021 was equal to that generated during the entire month of February 2020. In a CNBC-TV18 interview the Finance Minister stated that he could only give one clue about the Indian cryptocurrency situation.
“We aren’t closing our minds. We are looking at how experiments can happen in cryptocurrency and the digital world.”
Instead of sitting by and watching, investors and stakeholders are determined to maximize the potential for proliferating digital coin ecosystems until the government bans “private” cryptocurrency. That is why many people are still confused that is cryptocurrency legal in india or not.
Is India Heading Towards Financial Inclusion With Cryptocurrency?
The cryptocurrency market was once a “Boys’ club,” due to the predominant involvement of men in it. However, the steady increase in women traders and investors has resulted in more gender neutrality in new digital investment methods.
Women used to stick with traditional investments, but they now take on more risk and are venturing into India’s crypto market. CoinSwitch, an Indian cryptocurrency platform, saw a 1000% increase of women users after the ruling by the apex court.
While women still represent a small portion of the crypto community in India, they are becoming fierce competitors. Women are more likely to save more than their male counterparts, which means that they can invest in high-return assets such as cryptocurrencies with greater variety. Women are also more skilled at evaluating risk and making sound investment decisions, which makes them more successful investors.
Increased Mainstream Institutional Adoption for Cryptocurrencies
SARS-Covid 19, which caused panic and uncertainty, created a liquidity crisis that lasted well before the economic crisis. To protect their financials, many investors converted their holdings to cash. This led to the collapse of altcoin and bitcoin prices.
Even though crypto experienced a major crash it was still the most performing asset class for 2020. The increased vulnerability of the system, as well as the loss of trust in central bank policies and the current money design, has led to a rise in demand for cryptocurrency. The stellar performance of cryptocurrency during the global financial crisis has fueled interest in virtual currencies in Asia and around the globe.
To meet society’s need for reliable and convenient transaction solutions, digital payment portals like PayPal have shown their support for cryptocurrencies. These cryptocurrencies allow consumers to buy cryptocurrency in india, sell, or hold virtual assets.
Tesla CEO Elon Musk announced that he would invest USD1.5 billion in cryptocurrency markets. He also stated that the electric company would accept Bitcoin from buyers. This led to a dramatic increase in international bitcoin prices from USD40,000 to USD48,000 in just two days.
Mastercard and Visa, two of the largest platforms for payments around the globe, have also endorsed cryptocurrencies by making them available as a means to transact. Mastercard will allow transactions using stable coins on Ethereum blockchain. Visa already announced this, but Mastercard would start transactions with crypto in 2021.
What Is The Future Of The Indian Cryptocurrency Market?
The terrible crypto crashes are not just hitting the Indian cryptocurrency market. Despite the huge investment by global counterparts in crypto, local investors remain cautious about investing in crypto due to uncertainty over the legality and volatility of the Indian digital coin ecosystem.
The Indian cryptocurrency market has been booming since last January, but less than 1% of all the bitcoins in the world is owned by Indians, which poses a strategic problem for the Indian economy. India’s government plans to create a new panel to examine the possibility of digital currency regulation in the country. They will also focus on blockchain technology and suggest technological improvements.
Diverse industries have realized the potential of blockchain technology to provide an immutable and safe infrastructure. This has allowed them to increase transparency in transactions. The new recommendation of the committee could be a significant step towards determining the future of Indian cryptocurrency.
Present Status of Cryptocurrency In India
India has over 15 million crypto users. The stakeholders are confident that India will be a major player in the blockchain and crypto markets due to its technical and economic strength. The cryptocurrency is slowly gaining acceptance in mainstream circles, which could result in a higher adoption rate for digital currency.
Another TechSci Research Report, entitled, “Hardware, Software, Process, Type of Cash, Bitcoin Etgereum, Rible Bitcoin Cash, Riple Bitcoin Cash, Ripple Bitcoin, Dashcoin and Litecoin,” By End User, Banking, Real Estate Stock Market & Virtual Currency,” states that India’s cryptocurrency will be growing at a substantial rate, “India Cryptocurrency Market through Offering,” The crypto-monetary sector in India is also driven by increased usage of digital currencies and blockchain technology.
Final Words
Report of TechSci Research “The Globally Credit Market (hardware and software), Process (mining and transacting), Type, End User, Real Estate, Stock & Virtual Currency, Company, By Region (Bitcoin Etgereum Bitcoin Cash) (Bitcoin Bitcoin Cash, Ripple Bitcoin, Dashcoin and Litecoin). 2025. Forecast & Chances.” Due to distributed leadger technology, the global cryptocurrency industry is projected to expand at 7% at a high CAGR.
I hope this article helps you in analyzing trend of cryptocurrency in india. If you are searching how to trade cryptocurrency in indiaor how to trade in cryptocurrency in india, please stay connected to Future Stock Market blog, we will update more info soon.
Stock, Stock and Stock was the only thing that kept going through my mind the whole time, I started learning it, and in little or no time, I learnt a lot. I decided to focus less on my 9 to 5 job and ended up making this blog. I turned my passion for Stock investment into my work, and I am glad I took that step to change my life for the better and excitement 😉
You are my intake, I have few web logs and very sporadically run out from to brand.