Cryptocurrency Boom In India; What Are The Factors Behind It?
In the current scenario, cryptocurrency exchange platforms have been experiencing the participation of many traders, who are newly introduced to the crypto world. They are showing interest in crypto trading. Many experts from the crypto industry have expressed their views on the remarkable rise of the crypto industry in a country like India. So what are those reasons behind the cryptocurrency boom in India? Let us find out in this blog.
There was a time when cryptocurrency was being looked at with suspicion and was even banned in India by RBI until it was removed by the apex court. Now, people can buy Bitcoin or any other cryptocurrency with no regulatory intervention from central authorities like banks and the government. Today, there is an impressive rise in the user traffic who are showing a big interest in referring to crypto platforms by signing it, paving tremendous growth in trade volumes.
Customers Rising Interest For Crypto
A chief executive officer of an Indian-based cryptocurrency exchange, Unocoin, has expressed his views on a well-known crypto news site. According to him, there has been major participation of customers on crypto exchange sites, in comparison to previous months. He is thrilled to observe the transformation of Unocoin into becoming a fully-grown cryptocurrency exchange from being a brokerage.
Nischal Shetty, the CEO of one of the top cryptocurrency exchanges in India, WazirX, has also experienced massive traffic in user signups, resulting in a tremendous rise in trade volumes. Experiencing the same remarkable growth of cryptocurrency boom, the chief of Bitbns exchange Gaurav, has also experienced the same what other CEOs of latter exchanges have observed.
Lifting Off Crypto Ban
He has also shared his view about how the trading volumes on his crypto exchange have leaped over 200% since the past days. According to Gaurav, the decision of the Supreme Court to put down the ban imposed by the Reserve Bank of India earlier is one of the main factors behind the rising graph of registrations done by users today.
One of the major cryptocurrency exchanges in India, CoinDCX, has experienced rapid growth with maximum signups, in comparison to last year, according to its chief executive officer, Sumit Gupta.
Other Reasons For Cryptocurrency Boom In India
Other than lifting the ban on cryptocurrency by the Supreme Court of India, there are other important reasons behind the cryptocurrency boom in India. According to experts, in India, many people have been facing unemployment, due to a lack of job opportunities. This prompted them to step up for crypto investment, as an alternative source of earning income. For this, they become crypto traders and analysts. So this can also be one such reason for the cryptocurrency boom in India.
According to CoinDCX CEO, the interest and curiosity for cryptocurrencies have grown much higher in contemporary time. Surprisingly, it all happened amid the nationwide lockdown rule in the country. Where economies of many countries came down due to global pandemic, coronavirus, it made people explore the better opportunity in the trading of cryptocurrencies, from their respective homes.
The ban uplifted by the apex court of India has also triggered the motivation among the newbies to explore the cryptocurrency market, leading to several signups and an increase in volumes. So all these key factors are indeed behind the cryptocurrency boom in India, including the rise in participation in the retail sector, increase in Bitcoin price, and maximum coverage by media sources.
The approach of all executive heads becomes equal in terms of analyzing the sentiments of traders in India. Investors’ way of thinking has also been changed. One of the CEOs of a top cryptocurrency exchange has mentioned the initiatives taken from an educational perspective. Traders have now become smart in doing a thorough study before stepping ahead for trading or investing in cryptocurrencies.
One of the CEOs has also said that cryptocurrency now has been drawing people’s attention at a larger level. There is no limitation for the dominant digital currency, Bitcoin. It can be accessed all around the world. The rising price of this world-famous digital currency is also one of the reasons for the cryptocurrency boom in India. Bitcoin is now being considered as an asset for the future. It is often defined as digital gold.
Some of the experts have also analyzed that there have been positive reports by the news media worldwide. One such example is services related to cryptocurrencies being provided by an online payment American company that has made an impact on the Indian market.
Conclusion
So these are some of the pivotal reasons that are behind the cryptocurrency boom in India. The cryptocurrency had faced stricter regulations in countries and was even banned by RBI. Later on, it came as a sigh of relief for the crypto lovers, when the Supreme Court of India lifted the ban in March. But what is to be noticed is cryptocurrency’s rise amid the time of lockdown, caused due to the global pandemic, COVID-19. It became a source of income for the unemployed. So if you are interested in exploring more recent updates, then log on to Cryptoknowmics. Here you can also search for an ongoing security token offering listings.