Cryptocurrency has been on the rise in India for some time, and with all of the advantages it provides, Indians want crypto and it’s easy to see why.
From remittance to income generation, India clearly needs cryptocurrency. Based on current trends, more crypto related products and services can be expected in the country.
The crypto community in India has developed substantially in recent years, compared to what it was only a few years ago. According to Chainalysis, a cryptocurrency research and analysis firm, revealed in early July 2021 that Indian households, which collectively own more than 25,000 tonnes of gold, are slowly shifting toward Bitcoin and other cryptocurrencies.
Cryptocurrency investments increased from around $923 million in April 2020 to almost $6.6 billion in May 2021. That is a 612 % increase in the number of crypto users in a country where the legal status of crypto assets is still undefined.
How Indians want crypto trended overnight
Earlier this year, the #indiaWantsCrypto and #Cryptocurrencies were trending on Twitter in India on multiple occasions.
#indiaWantsCrypto is a trend started by Nischal Shetty, CEO, and founder of cryptocurrency exchange WazirX, 1000 days ago (as of 28 July 2021). This # has been used in support of this emerging industry by thousands of Indians and supporters worldwide. This, combined with the record-breaking performance of this year’s popular meme coins like Doge and Shiba Inu, have sparked life in the once dormant crypto community in India.
It also cannot be overlooked that Cryptocurrencies are a source of income for many people. There are various ways to make money from Crypto. More particularly, there is a slew of options for lower-income people who are frequently shut out of the regular financial system but find acceptance in the crypto realm.
Perhaps one of the most significant changes noticed in India came with the influx of cryptocurrency exchanges that are now servicing millions of Indians every day. These companies have also brought in foreign investments, which could soon develop to constitute a considerable portion of our nation’s economy.
In addition to the factors mentioned above, the rapidly expanding cryptocurrency industry also presents a plethora of job opportunities, even during tense times like these. In terms of technological innovation, the underlying blockchain technology is already being leveraged to enhance our existing systems across both the private and public sectors.
If the Government can create a flexible yet well-regulated environment for virtual currencies, it will significantly help the country during these difficult times. Even more, the nation could secure its place as one of the leaders in this domain.