2 November 2024
Crypto Investment In India Surges Exponentially Despite regulatory Uncertainty
Despite India's crypto regulation, Indian investments in digital assets have surged up by 19,900% in the previous year.
Chanalysis, the blockchain analytics firm, reported cryptocurrency investments increased during mid-2020 before going parabolic as the markets surged into new all-time highs towards the end of the fourth quarter. The analytics firm estimated that the total investment in crypto across India grew from $200 million to $40 billion over roughly the past year, with the firm estimating 15 million Indians exposed to cryptocurrency.
The decision of India’s Supreme Court to overturn the financial institutions providing banking services to firms operating with digital assets has created a positive impact. Although, it has not been entirely smooth sailing for India’s crypto sector since the Supreme Court repealed the RBI ban last year, with lawmakers frequently threatening new legislation prohibiting crypto assets over the past 15 months.
Despite the persistent threats of a renewed regulator crackdown, the co-founder of local exchange ZebPay, Sandeep Goenka, highlighted growing appetites for digital assets among Indian’s aged 18-35 noting a preference to invest in crypto over gold. “They find it far easier to invest in crypto than gold because the process is very simple. You go online, you can buy crypto, you don’t have to verify it, unlike gold,” said Sandeep Goenka to Bloomberg.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
Explore related on CoinsCapture
Topics
Discussion
0 comments