TL;DR Breakdown
- India crypto adoption surge by 30 percent.
- Crypto future in India uncertain.
Crypto sporadic upsurge in 2021 has seen Bitcoin price surge by over 400 percent this year. This has played a huge role in India’s crypto adoption rise, which has moved up by 30 percent since March 2020 till now.
Bitcoin (BTC), Ripple (XRP), Tether (USDT), and Tron (TRX) lead the list of the most popular digital assets in India. This is amidst the regulatory crisis crypto transactions currently face in the Asian country. The country’s apex bank (Reserve Bank of India) has also placed a ban on cryptocurrency although the country’s finance ministry has said it will give crypto a chance. The finance ministry in India and the apex bank are currently at loggerheads over crypto regulation in India.
Details behind India crypto adoption surge
According to Vikram Rangala, ZebPay’s chief marketing officer, he attributes the increased India crypto adoption to many things. Vikram said Indians are open to new investment vehicles and tend to go with global trends. The ZebPay executive said the younger generations who were conscious of the 2008 financial crisis and are looking to shield themselves from a similar experience in the future also explore other ways of storing wealth (crypto).
“The crypto industry in India is trying to create a new asset class for investments, and also new software for various kinds of applications built on the blockchain, he said.
ZebPay is India’s oldest cryptocurrency exchange with close to 4 million customers. According to Bloomberg, they process $2 billion worth of trades per month.
Future of the crypto industry in India
Amidst the interest Indians have shown in crypto, the future of crypto trading remains uncertain in India.
The Reserve Bank of India has raised too many concerns about the digital asset saying it may affect the country’s financial stability. This has led to stricter crypto regulations in the country.
The Apex bank already placed a ban on crypto in the country back in 2018 until 2020, when the Supreme Court lifted the ban in response to a petition by crypto exchanges.