2021 in Review: The Flashback and Future of Cryptocurrency in IndiaFebruary 3, 2022
Today, India accounts for the highest number of cryptocurrency investors in the world. Despite the looming uncertainties, young investors in India are showing great enthusiasm towards the fourth industrial revolution, driven by smart connectivity and blockchain technology. As the world steps into web 3.0, people appear to be more interested in adopting a digital ecosystem for currency over cash.
To get a view of what the future holds for cryptocurrency in India, let’s have a look at the article.
Cryptocurrency in India: The Past
Ever since its launch, India’s viewpoint about cryptocurrency has evolved immensely. Previously, where it was considered untrustworthy, now it has led to the rise of a whole new breed of investors. During its initial launch years, India was neither aware of crypto assets nor emphasized discovering their potential benefits. But since India witnessed a wave of change in its global financial and political position, its viewpoint over crypto assets changed drastically.
In 2016 when demonetization occurred Indian citizens got to know about the uncertainty of holding cash as an investment. This taught the nation a valuable lesson and led to the rise of digital payment methods. Now, people were attracted to digital assets and accepted them as a safer option of investment. This was actually the breakthrough period for cryptocurrency in India.
Cryptocurrency in India: The Future
2021 was one of the best periods for bitcoin and other cryptocurrencies in India. There was a massive spike in the price of several crypto assets. Also, it was a whole new era for cryptocurrency in India. This came as an aftereffect of upliftment of blanket ban on crypto by the Supreme Court and a lot of people, specially the millennials got into the game of converting BTC to INR. This verdict immediately provided a push to the digital ecosystem in India. A lot of top national and international cryptocurrency exchange in India began offering their services. In addition, several fintech startups got a boost to expand and grow by leaps and bounds.
To date, there are over 10 crore cryptocurrency investors in India which is the highest in the world. Moreover, the majority of crypto investors in India fall between the age group of 21 to 35 and primarily hail from metro cities.
So there is a spurt in the adoption of cryptocurrency investments. A report by NASSCOM on “Crypto Industry in India” states that more than 60% of Indian states are advancing as active crypto tech adopters and the industry is expected to reach 241 million dollars by 2030 in the country.
These figures testify that cryptocurrency has emerged as the most popular investment option outperforming other asset classes such as stocks, gold, and real estate.
But the only downside that the nation faces is the lack of legal framework and regulatory norms surrounding cryptocurrency in India. With investors already dealing with cryptocurrency on a large scale and innumerous opportunities still impending to be explored, a little support from the government can transform cryptocurrency into a major asset in India.
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