India is set to become one of the biggest players in the cryptocurrency world!


The 21st century has been taken over by cryptocurrency. Only a few people knew about cryptocurrency just a few years ago. Since then, this number has increased tremendously. Based on the block chain technology, it is being touted as one of the salient features of this century. By using block chain technology for currency exchange, the centralized banking system will be eliminated. To transfer money to another person, one will not have to go to the bank. By using this technology, he/she can circumvent the banking system entirely to do the transactions. This, as one might expect, decentralizes authority, in this case, that of the banks. Utilizing block chains guarantees a secure transaction environment and can save you a lot of money by avoiding bank fees and charges.

India’s cryptocurrency market share

According to some reports, approximately 15 Crore Indians trade cryptocurrency. This number is rising rapidly at the moment. India’s leading cryptocurrency exchange app, CoinSwitch Kuber, has gathered more than 80 lakh new users since 2020. It demonstrates the immense craze that people are experiencing in the cryptocurrency market. It is mainly the younger generation that is more inclined and exposed to this technology. The crypto market in India has grown from just $920 million in April 2020 to an incredible $6.6 billion in May 2021. This represents a 400% increase in just one year. Such a trend has gained worldwide attention.

Also read – CoinDCX becomes India’s first crypto Unicorn.

India ranks 2nd in global crypto adoption

The reasons behind such ineffable numbers and trends are many. In the first place, the number of applications people can download to start accessing the global crypto market has gone up dramatically. The ease of accessibility is one of the leading causes of this increase in users in such a short period of time. Secondly, governments and major establishments are discussing cryptocurrency. It has raised awareness among the Indian people, who are reading and collecting information about it relentlessly. It is for that reason that people from Tier 2 and Tier 3 regions of the country have been adopting cryptocurrency aggressively. Thirdly, the Supreme Court of India recently ruled against the ban on cryptocurrency by the government, which is a huge positive for those investing in virtual currencies such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, etc.

Recently, India surpassed the United States, UK and China to earn the 2nd spot on the list of the largest cryptocurrency adopting countries in the world. It is only second to Vietnam. This is quite impressive since 1 INR is equal to 308 Vietnamese Dong. Among the top 5 spots were Asian countries, indicating the willingness to accept virtual currencies.

What Will The Future Look Like?

In India, the future of cryptocurrency doesn’t look bleak at all. In fact, there is a draft bill proposed by the Government which aims to treat cryptocurrency as a commodity or asset. If that occurs, then it will be on the government’s books and corresponding tax will be due on cryptocurrencies. The process will gain credibility and investment in cryptocurrencies will again experience a boom. It is likely to be presented during the Parliament’s winter session.

Further, if this were to happen, it would not be possible to stop India from becoming a global superpower. In the near future, factors such as growing middle-class income, young population, and internet expansion will result in some unfathomable numbers. Various banks in India have already begun easing restrictions on cryptocurrency purchases through their channels. They have observed the impact that Bitcoin can have on the aspirational young Indians. A massive wave of cryptocurrency trading will sweep across India in the near future. 

Also read – Central Bank Digital Currency May Be Launched Soon in India.

Related Posts

Discovering The Future Possibilities Of Cryptocurrency In Metaverse
In an Era of Metaverse and Virtual Reality, is it even wise to ban cryptocurrencies?
Are NFTs The Next Big Thing or Just Another Brick in The Wall?

Leave a Reply