The world of cryptocurrency has been a chaotic place over the past few years, but regulators from around the world have slowly started to catch up. India itself has been in the news a lot for its stance on crypto, and as of now, it is unclear whether the government will be willing to take a hardline position against the industry.

Right now, the cryptocurrency market is booming in India. As per the recent data, the number of investors has gone up in India. There are several reasons for this. The regulatory uncertainty in India has led to a huge number of investors to move towards virtual currencies. Also, the potential of cryptocurrencies in India is high. The acquisition of a cryptocurrency exchange in India is not a difficult task. They are even starting to form exchanges in India as well.

For all the talk of regulation in the cryptocurrency world, it seems the tide is slowly turning. The India government is cracking down on cryptocurrency investment, but Indians are still investing in the new asset class.. Read more about future of cryptocurrency 2021 and let us know what you think.

Summary of the situation

  • Indian investments in cryptocurrencies have increased compared to last year.
  • India stands firm on cryptocurrencies

India has seen a huge growth in crypto investments despite the strict rules imposed by the country’s authorities.

Indians are also not worried about threats from the country’s lawmakers, who could ban cryptocurrencies. Instead, they invested $38.8 billion in cryptocurrencies last year, a 19,900% increase in cryptocurrency investments.

Data shows how susceptible Indians are to investing in cryptocurrencies

Data released by cryptocurrency analytics firm Chainalysis on Monday shows that just before the mega surge experienced by the cryptocurrency market in 2021, investment in cryptocurrencies in India increased.

According to sources close to India, the surge in cryptocurrency investments in the country came after the Indian Supreme Court ruled in March that the country’s ban on banks supporting cryptocurrencies was illegal.

Bloomberg’s chart shows that investment growth began gradually in October, with a sharp rise in investment in India between November and January.

Bloomberg’s chart shows the rise in Indian investments.

Indians undisturbed by regulation as crypto investment surge

According to Chainalysis, total investments in cryptocurrencies have grown from $200 million to $40 billion in the past year. So about 15 million people would be affected by cryptocurrencies.

Strictly rules for Indians

The increase in Indian investment is contrary to the strict rules of the Indian authorities. India’s central bank (Reserve Bank of India) is strongly opposed to cryptocurrencies, discouraging banks from supporting cryptocurrencies.

In February this year, the RBI had warned Indians against using cryptocurrencies as they could undermine the financial stability of the economy.

Finally, Prime Minister Narendra Modi’s government is pushing for a ban on private cryptocurrencies in the country.

Despite this, Indians don’t seem to be worried as they are not deterred from betting their finances on cryptocurrencies.

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