Indian crypto space has been confronting a revolution for the past couple of years. In spite of the uncertainty in the regulations and extreme volatility, several Indians prefer investing in crypto rather than gold. Around 15 million people in India have invested in crypto.
In India, households have more than 25,000 tonnes of gold. Interestingly, crypto investments in the country rose to nearly $6.6 billion in May 2021 from about $923 million in April 2020. It showcases a surge of about 612% in the count of crypto users in the nation. CoinSwitch Kuber, the largest Indian crypto platform has welcomed about 6 million active users since its beginning in June 2020.
The huge increase in the rise of crypto happens to take place in the backdrop of uncertainty. While the future is still ambiguous for crypto, the government is starting to realize that technology can be way more important than the economics of the currency itself.
Previously in 2018, just when the crypto spark was ignited in India, the government put it off by declaring a blanket ban halting them from supporting crypto dealings. It arose from the fear that the anonymity of the cryptos would pave the way to underworld activities and fraud.
However, in May 2020, the honorable Supreme Court reversed the ban quoting that there were no grounds for putting such a ban on crypto.
With this, the crypto fire was lit again among the people of India. Within weeks of annulling the ban imposed by the Reserve Bank of India, investors in India hurried to make the most of their lost time. Since then, the volumes of trading and traders have been on a drastic surge month on month.