Rich rewards can often come with great risks. This is the case with the volatile cryptocurrency market. Global uncertainties in 2020 led to a surge in interest from large institutional investors and the masses in trading cryptocurrencies, a new asset class. In the past year, Indians have invested more than 10,000,000 dollars in crypto-based companies thanks to increasing digitization and a flexible regulatory framework. Many major cryptocurrency exchanges around the world are actively looking at India’s crypto market. This market has seen a steady rise in trading volume over the last year, despite a significant drop in prices as investors look to value buying.

Crypto Exchange

Many new cryptocurrency exchanges have emerged in India as the crypto market continues to boom. They offer functionality through user-friendly apps that enable trading, buying, and selling. What is driving the Indian market to have the largest cryptocurrency exchanges in the world? Binance, the world’s largest cryptocurrency exchange based on trade volume, acquired WazirX, an Indian trade platform. Coin DCX, another crypto startup, was funded by San-Francisco-based Coinbase and BitMEX in Seychelles. The majority of the 1.39 billion people are young (median age between 28-29 years) and tech-savvy. The older generation still prefers to hold gold, real estate, and equities.

However, the younger generation is more open to the high-risk cryptocurrency exchanges because they are more adaptable. Chainalysis’s 2020 report lists India 11th in global adoption of cryptocurrency. This shows the enthusiasm among the Indian population about crypto. The government’s less-than-friendly attitude towards crypto and the rumors surrounding crypto are not enough to shake the trust of the youth market for digital coins. The global average is $8.53, while 0.26 is the norm. The global average is $8.53. This means that almost half of India’s users have access to affordable internet access. This increases India’s potential for becoming one of the most important crypto economies in the world. SimilarWeb reports that India is the second-largest source for web traffic to Paxful, a peer-to-peer cryptocurrency trading platform.

Mainstream Economy

The mainstream economy is still suffering from the “pandemic effect”, but cryptocurrency is gaining momentum as it offers a new and faster way to make money. It is safe to assume that cryptocurrency could become for Indian millennials what gold was for their parents. Multiple trading platforms have emerged as a result of the cryptocurrency craze, including WazirX and CoinSwitch, CoinDCX and ZebPay, Unocoin, CoinDCX, CoinDCX, ZebPay, CoinDCX, CoinDCX, ZebPay, ZebPay, Unocoin, among others. These exchange platforms allow for instant transactions and are highly secure. They can be accessed across multiple platforms and provide a friendly interface that allows crypto enthusiasts to trade, buy, or sell digital assets. These platforms accept INR as payment and have trading fees as low at 0.1%. This makes them a great option for both local traders and first-time investors. WazirX, a leading cryptocurrency exchange platform with more than 900,000. Users, offers customers peer-to-peer transactions.

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CoinSwitch Kuber is the best cryptocurrency exchange platform in India and is suitable for both beginners and experienced users. Unocoin, India’s oldest cryptocurrency exchange platform, has over a million users who access it via mobile apps. Global investors are focusing on India’s many cryptocurrency exchange platforms to capitalize on the new market. The legislation bill regarding a ban on virtual currency could be enacted into law. It would make it illegal to trade, mine, issue, trade, or transfer crypto assets. However, Nirmala Sitharaman, Finance and Corporate Affairs Minister, reassured investors that they are not planning to ban cryptocurrency use. Deccan Herald, a leading English newspaper, was informed by the Finance Minister that they are clear that they are not closing all options.

National Security

We will allow certain windows to people to experiment on the blockchain, bitcoins or cryptocurrency. It is clear that the government is still evaluating the national security threats posed by cryptocurrency before deciding to ban it completely. The Supreme Court overturned the central bank’s decision to prohibit financial institutions from dealing with cryptocurrencies in March 2020. This prompted investors to jump into the cryptocurrency market. Despite the fear of ban, transaction volumes continued growing, and local crypto-exchange user registrations and money inflows increased by 30 percent over a year. Instead of sitting by and watching, investors and stakeholders want the best out of the digital coin ecosystem.

This will be until the government bans “private” cryptocurrency and announces sovereign digital currency. Is India heading towards financial inclusion with cryptocurrency? The cryptocurrency market was once a “boys club” because of the high percentage of male traders and investors. However, there has been a steady increase in women trading and investing in digital forms of investment. This has resulted in more gender neutrality. Women used to stick with traditional investments, but they are now taking on more risk and exploring the Indian crypto space.

CoinSwitch

CoinSwitch, an Indian cryptocurrency platform, saw a 1000% increase in women users after the apex court clarified “virtual currency”‘s legality. While women still make up a small portion of the crypto community in India, they are becoming fierce competitors. Women tend to save more than their male counterparts, which means that they can invest in high-return assets such as cryptocurrencies with greater variety. Women are also more skilled at evaluating risk and making investment decisions. This makes them more successful investors. SARS-Covid 19, which caused panic and uncertainty, created a liquidity crisis that lasted well before the economic crisis. To protect their finances, many investors converted their holdings to cash. This led to the collapse of altcoin and bitcoin prices.

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Despite the major crash in crypto, it was still the most performing asset class for 2020. The increased vulnerability of the system, as well as the loss of trust in the central bank’s policies and the current design of money, has led to a rise in demand for digital currencies. The stellar performance of cryptocurrency during the global financial crisis has fueled interest in the virtual currency markets in Asia and around the world. To meet society’s need for reliable and convenient transaction solutions, digital payment gateways like PayPal have shown their support for cryptocurrencies that allow consumers to buy, sell, or hold virtual assets.

Tahukah Anda?

Tesla CEO Elon Musk announced that he would invest USD1.5 billion in cryptocurrency markets. He also stated that the electric company would accept Bitcoin from buyers. This led to a dramatic increase in international bitcoin prices from USD40,000 to USD48,000 in just two days. Visa and Mastercard, two of the most important platforms for payments around the globe, have also endorsed cryptocurrencies by allowing them to be used as a means to make transactions. What is the future of the Indian Cryptocurrency Market? The terrible crypto crashes are not just hitting the Indian cryptocurrency market. Despite the huge investment from global counterparts in crypto, local investors remain cautious about investing in crypto due to uncertainty over the legality of the Indian digital coin ecosystem and the high volatility of this market.

The Indian cryptocurrency market is growing rapidly, but Indians still own less than 1% worldwide. This creates a strategic disadvantage to the Indian economy. India’s government plans to appoint a panel to examine the possibility of regulating digital currency in the country. They will also focus on blockchain technology and suggest technological enhancements. Diverse industries have realized the potential of blockchain technology to provide a secure and immutable infrastructure that allows for transparency in transactions.

Recommendations

The new recommendation of the committee could be a significant step towards determining the future of cryptocurrency in India, as India has over 15 million crypto users. The stakeholders believe that India’s technical and economic strength will make it a major player in the blockchain and crypto market. The cryptocurrency is slowly gaining mainstream acceptance. This could lead to greater adoption of digital currency.

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Another TechSci Research report, “India Cryptocurrency Market by Offering (Hardware & Software), Process (Mining & Transaction), Type (Bitcoin Etgereum Bitcoin Cash, Ripple. Dashcoin. Litecoin. Others), By End User(Banking, Real Estate. Stock Market & Virtual Currency), Forecast & Opportunities 2026” states that India’s cryptocurrency market is expected to grow at a significant CAGR due to the increasing need for transparency and lower transaction costs. India’s cryptocurrency market is also being driven by rising adoption of digital currency, and the growing use of blockchain technology.