Indian citizens are looking for crypto-based investment opportunities after globally-recognized crypto companies have invested a lot in the country. Local cryptocurrency exchanges see a tenfold growth after the Supreme Court of India removed a ban over the usage of cryptocurrency in India.
India is becoming the new Crypto Hotspot
According to Nischal Shetty, founder of India-based cryptocurrency exchange WazirX, the crypto ecosystem has been growing exponentially after the Supreme Court’s green signal for cryptocurrency and the Coronavirus crisis.
Ashu Swami, Apifiny’s chief technology officer, dedicated the crypto growth in the region to two potential factors including “inward remittances” and the safe-haven status of digital assets. The Indian fiat (INR) has proved very volatile over the last decade as it depreciated 80% as compared to the US dollar.
According to Apifiny’s data, not only local exchanges witnessed a sharp increase in both volume and number of users but the international crypto trading platforms also witnessed an increase “five to ten times from Indian users.”
Big Players’ Role in the Region
Big players in the crypto industry are ready to dive into the Indian market and have started many initiatives to empower the crypto industry in the region. For instance, Binance, the largest crypto exchange by volume, has acquired WazirX while another crypto exchange CoinCX is funded by Bain & Company. A multinational company known as Tata Consultancy Services rolled out Quartz Smart Solutions to provide support to financial institutions in offering crypto-related services.
Prominent fintech company Cashaa is going to launch a crypto-based banking firm known as Unicas in cooperation with United Multistate Credit Cooperative Society. According to the plan, it will first roll out 34 branches in Northern India and then extend it to a total of 100.
The crypto industry is getting flourish in India despite an unclear regulatory framework. But regulators’ silence over it is really creating a big hurdle in cryptocurrency adoption. A new “leaked” information tells the regulators are working over another crypto ban. Over incoming crypto restriction, the prominent crypto figures are very aggressive and criticized the new initiative of regulatory authorities.