Cryptocurrency Market Booming in India
India is in a unique position to drive development and innovation in the cryptocurrency industry.
India is in a unique position to drive development and innovation in the cryptocurrency industry. Policymakers can take into account numerous use cases and examples despite past reports of a possible ban on cryptocurrencies in the nation. This will help them to better comprehend the genuine potential for using cryptocurrency and its implications on the economy. In the last few years, India's cryptocurrency market has seen a transformation. Despite regulatory uncertainties and high volatility, Indian investors prefer to invest in cryptocurrency over gold.
From cryptocurrencies getting banned by the nation’s central bank in 2018, India has come a long way, currently, having 15 native cryptocurrency exchange platforms that allow buying and selling, with more than 1.5 crore users. The sheer volume of it is astounding. According to BrokerChooser, India has the biggest number of cryptocurrency owners in the world at 10.07 crore. Second and third place go to the United States and Russia, respectively. India stands fifth in the world in terms of the number of cryptocurrency owners per capita.
A surge in investment and numerous new domestic ventures followed the Reserve Bank of India's clarification on cryptocurrencies in May of this year. when asked regulated banks not to caution consumers against cryptocurrency trading in accordance with its 2018 directive banning such transactions. The RBI circular, which had been in effect for three years, was withdrawn in 2020 following the Supreme Court's involvement in response to a suit brought by the Internet and Mobile Association of India (IAMAI) and cryptocurrency exchanges.
Reports predict that by 2030, India's cryptocurrency market would be worth $24.1 billion, and it will be worth $2.3 billion by 2026. Historically, only well-educated individuals familiar with the cryptocurrency sector invested in digital currencies. However, the local excitement of marketing and networking has lately inspired the general public to explore cryptocurrency trading. Considering the country's evolution of digital currencies and China's recent crypto ban, analysts think that India has the potential to emerge as Asia's crypto hub.
A new class of Investors
Enterprising Indian youths have emerged as a new class of investors, accelerating the growth of cryptocurrency. Intrigued by the prospect of massive earnings and the desire to experiment with their early income strategies, the youngsters are purchasing cryptocurrency and other assets and quickly becoming acquainted with the market's ups and downs. Within a few weeks, the epidemic accelerated the move from online education to online investing.
Young cryptocurrency investors have a plethora of trading platforms to choose from. Several of India's leading the best cryptocurrency exchanges, including Coinsbit India, CoinSwitch Kuber, CoinDCX, and WazirX, have all started social media campaigns to drive traffic to their respective sites and introduced user-friendly products.
How do people start investing in Crypto?
From launch just a couple of months earlier, Coinsbit India has quickly made a name for itself and became India’s fastest-growing crypto exchange. You can easily start investing in cryptocurrencies with Coinsbit India. Access a plethora of crypt assets including the likes of can bitcoin and other popular altcoins, namely Ethereum (ETH), Binance Coin (BNB), Litecoin (LTC), Bitcoin Cash (BCH), Tron (TRC), USDTether (USDT), and Compound Finance (COMP), along with several DeFi coins with the Bitcoin (BTC) and other pairings.
Get access to multilingual telephonic IVR support, available six days a week, and trade worry-free every time you sign into coinsbit India.
All one has to do is sign up on the platform, or any other similar platform, complete the KYC norms, and that’s it.
Since the pandemic triggered the global economic crisis, which resulted in increased volatility and devaluation of traditional assets like currencies, bonds, and shares, more Indians are investing in digital currencies. As a result, an increasing number of individuals are investing in cryptocurrencies. While gold is viewed as a perfect hedge against economic and financial catastrophes, ambitious investors appear to be rekindling their interest in cryptocurrency.