Indian cryptocurrency opens new doors for investors in India
In May 2020, the Supreme Court of India gave a long-awaited boost in terms of Indian cryptocurrencies by overturning the Cryptocurrency news ban imposed on India by the Central Bank of India (RBI ) in 2018. The Indian crypto exchange rate opens the door for new Indian investors. This is the stage of innovation in India, and anyone can participate in the blockchain revolution.
We can certainly experience greater disadvantaged financial inclusion in this country. Statistics show that India’s population exceeds one billion, of which over 300 million are middle class. The overturning of the Indian crypto ban encourages more startups in India to start their businesses.
The majority of the population is made up of young people who are more digitally familiar with the adoption of digital currency. Teenagers between 28-29 years old are very passionate about cryptocurrency trading in India. Additionally, according to the British Broadcasting Corporation (BBC), a gigabyte of mobile data costs $ 0.26 in India and $ 12.37 in the United States.
EY Global Fintech
This means that India has great potential to become one of the largest Cryptocurrency news economies in the world. According to the EY Global Fintech Adoption Index 2019, India is one of the growing markets, with around 87% of the population employing fintech in some form or another, leading the way for India. Additionally, increased access to digital assets, fueled by the popularity of 191 million adult non-bank accounts, blockchain promotes the inclusion of underprivileged financiers in India and the growth of digital currencies.
Additionally, according to a report released by Quartz in 2018, a tenth of bitcoin purchases in India took place in India. In addition, India is considered to be the second-largest source of Paxful Internet traffic after the United States. Paxful is a Bitcoin peer trading platform.
The reason for this brilliance is probably the Covid-19 epidemic. During the pandemic, people were forced to stay at home for months. Some have lost their jobs. So, in search of other livelihoods, people started to invest in cryptocurrencies in India. WazirX is India’s largest stock exchange. Since March 2020, the number of users on WazirX has tripled and the amount of transactions has increased by at least 8 times.
But amid the outcry of pop and drug addiction, there must be a need to establish the necessary policies and regulations for this burgeoning technology. Considering the rapid development of the Indian crypto market, it appears that policymakers and government agencies may recognize this opportunity and actively adopt promising innovations. As Indian crypto becomes a widely used standard, the global use case is on the rise.
An advanced crypto policy will fundamentally affect the improvement of India’s financial infrastructure, protect public safety, transfer financial counterfeits, strengthen financial policy, attract global capital, provide more employment opportunities and accelerate the economy. ‘innovation. The speed of the nation becomes a force that cannot be ignored in the world. In addition, India spends a lot of assets in managing its currency and the Reserve Bank of India must be very careful to ensure that there is no excess of cryptocurrencies that could result in a devaluation of the rupee.