Cryptocurrency Industry in India Continues to Grow Despite Regulatory Uncertainty
India is one of those countries where the digital currency sector has witnessed massive growth over recent months. Despite the regulatory uncertainty revolving around cryptocurrency in India, the cryptocurrency industry’s growth in the country carries on. All of the major cryptocurrency exchanges in the country especially peer-to-peer crypto exchanges witnessed massive growth during the past few months.
Cryptocurrency exchanges in India not only saw enormous growth in trading volumes but user traffic over these exchanges also increased exponentially. As per the statistical data presented by the New York-based digital currency liquidity and solutions provider Apifiny, the number of registrations on local digital currency exchanges rose tenfold throughout the year 2020. While on the other hand, Indian user traffic over global cryptocurrency exchanges increased from five to ten times.
The growth in the Indian cryptocurrency ecosystem particularly occurred after the Supreme Court of India uplifted the two-year cryptocurrency ban and opened banking services for the digital currency sector. Moreover, the lockdown imposed by the government due to the Coronavirus epidemic also boosted the demand for cryptocurrency. According to the Founder of the major Indian cryptocurrency exchange WazirX Nischal Shetty, people were able to read more and more about cryptocurrency and take a part in it during the time period of the lockdown.
Moreover, the entrance of big industry players in the Indian cryptocurrency market is also a major factor that drove this growth. Binance acquired the largest crypto exchange in India WazirX. The global management consultancy company Bain & Company funded CoinCDX one of the top digital currency exchanges in the country of India. The global crypto investment firm Polaris Capital also announced its expansion into the Indian market.
Apart from this, the UK-based digital currency banking firm Cashaa is going to offer digital currency services to Indian users across 22 physical locations through a new Joint Venture known as UNICAS. This Joint Venture has been created in collaboration with The United Multistate Credit Co. Operative Society. UNICAS will allow users across North India to get access to cryptocurrency banking services at different physical locations. Cashaa plans to expand cryptocurrency banking services across 100 physical locations.
These big players have found the Indian cryptocurrency market attractive and have recognized its potential. Therefore, they have entered into it.
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