Your favorite crypto news blog

Indian Investors Are Toppling Their Counterparts And Spearheading Crypto Adoption In Asia

Crypto 2021/06/30 22:54 by Adrian Klent
Coinbase’s plan to establish an outpost in India may clash with anti-crypto laws

Indians are favoring investing in cryptocurrencies as data has shown that crypto investments in the country have surged significantly in the past year.

According to our recent report, data from Chainalysis has shown that crypto investments in India have grown approximately 900%. The volume of Indian cryptocurrency trades which was valued at $200 million 12 months ago, is currently valued at $40 billion.

Furthermore, the report also noted that though Indians most commonly invest in gold, the 18-35 demographic of India were showing more interest in investing in cryptocurrencies, as the investment process is way simpler compared to investing in the precious metal. 

The phenomenal surge in crypto investments is commendable for India, especially in light of all the uncertainty surrounding the regulation of cryptocurrencies in the country.

It’s not news that the Indian government along with the Indian Reserve Bank (IRB) have been going back and forth with their stances on crypto-assets. Earlier in March, it was revealed that India was to propose a major cryptocurrencies ban that would make the possession, issuance, mining, trading, and transferring of crypto-assets illegal in India. If the bill sees the light of day, India will become the first country to make being involved in cryptocurrencies a crime. 

Also, In 2018, the RBI banned local banks from relating with cryptocurrency exchanges and facilitating crypto-trading-related transactions. Most recently though, it seems to have taken a different stance as it asked banks to resume facilitating crypto-related transactions. So far, banks have refused to follow the new directive.

Sathvik Vishwanath, the CEO, and co-founder of cryptocurrency exchange Unocoin who believes that banks taking a step back into serving crypto firms might be detrimental for investors is quoted saying:

“While RBI has clarified its stance that the banks can provide services after their due diligence, it is abruptly insane for these banks to take their foot back. These kinds of reactions also alarm the investors of cryptocurrencies for the wrong reason.”

Despite all these developments, investors are hopeful the government will come around to support cryptocurrencies in the long run.

With most countries’ governments giving mixed signals about cryptocurrency regulation, the defiant reaction from Indians to their governments’ back and forth reinforces the narrative that the country’s citizens are spearheading cryptocurrency adoption at a faster rate in Asia, than many of their counterparts.

The future of Cryptocurrencies in India seems to be promising and as residents have been chanting for months “Indians want Crypto.”

0 Like(s)

You should also read...

Altcoins 04/05/20 10:23 by PR DESK
Remitano Officially Lists 5 New Invest Altcoins
“Every improvement contributing to your outstanding experience is our daily motivation.” – Remitano According to our survey on Remitano about the demand for Altcoin investing in 202...
Read More
Altcoins 09/05/20 19:16 by PR DESK
How tokenized real-world assets can help crypto investors beat volatility
Since their inception, Cryptocurrencies have slowly but surely gained ground in the world of finance. They are revolutionizing the world of finance through their underlying technology, the blockchain...
Read More
Crypto 15/01/21 17:10 by Livine Sanchez
Millennials are the Backbone of the Crypto Market
The Millennial generation is likely to lead humanity into a phase of fintech as they hasten the adoption of Bitcoin. Researchers have discovered that cryptocurrency is three times more popular among ...
Read More
Bitcoin 22/03/21 18:30 by Mark Hampton
Is it Too Late to Invest in Bitcoin?
The rollercoaster of cryptocurrency prices started off on a wild ride in 2021, exceeding records previously set and abating the significant losses crypto investors had to endure ever since 2017. After...
Read More
Crypto 26/05/21 18:30 by NewsBTC
Crypto M&A Surges as Integration With Traditional Finance Systems Gains Momentum
As cryptocurrencies continue to be gradually integrated into the broader financial system, the critical first step of converting fiat currency into crypto offers a rare investment opportunity for inve...
Read More