Driving forces behind cryptocurrencies in India
Even while the destiny of the crypto ecosystem in India is unknown, at least 1.5 crore people in the country own digital assets worth millions. Despite concerns over the sustainability of the deregulated virtual currency, crypto usage has accelerated in India. From 2020, India has seen an increase in cryptocurrency transactions, particularly Bitcoin. As a consequence of the Covid-19 outbreak, more Indians began investing in bitcoins starting in 2020. It caused a global financial crisis and increased volatility and devaluation in asset classes such as currency, stocks, and shares. As a result, a growing number of people around the world have begun to invest in digital currencies.
Bitcoin, blockchain technology, and cryptocurrencies, in general, are becoming more popular in India. The nation has triumphed as the world’s largest remittance sector, with remittances reaching $100 billion in 2015. As a result, it is among the most active cryptocurrency markets. The country has the largest IT-driven young population on the planet and is among the fastest-growing cellular markets. E-commerce firms and payment systems are also fast expanding as a result. This has resulted in a greater level of knowledge and interest in cryptocurrencies. E-commerce businesses may increasingly use cryptocurrencies as a payment method.
Many Indians are interested in investing in digital currencies, but most are concerned about this asset’s unclear potential in India. However, data from national cryptocurrency exchanges show that the number of traders is increasing steadily. Without a doubt, Indians have the potential to transform the country into a hub of crypto-related activities.