By the end of May this year, the 15 million-strong Indian crypto trading community had invested $6.62 billion, increasing by 612% year-over-year from $923 million in April 2020. One in four of the 70 million people investing in equity have already started investing in cryptocurrencies.
As reported by Business Insider, the data displays that cryptocurrencies are rapidly becoming a popular asset among millennials and Gen Z Indians. They prefer Bitcoin for its transparency and growth over conventional metals, property, bonds, and stocks.
India’s Leading Crypto Exchanges and Enterprises
As the country enjoys a crypto boom, multiple enterprises seem to be thriving off of the surge of interest in digital currencies and assets. Over the past few years, a number of trading platforms or apps have emerged that make it easier for people to trade in cryptocurrency. The popularity of digital assets in India is being proven by the fact that some of them have achieved millions of clients. Leading global crypto exchanges such as HashCash Consultants, PayBito, Coinbase, etc. have entered the country’s crypto market to elevate the country’s crypto experience.
Some of the top Indian Crypto Enterprises and Exchange platforms include — WazirX, CoinDCX, CoinSwitch Kuber, PayBito, Zebpay, UnoCoin, etc. These exchanges have started to reach every household with their stellar utility features and essential services. From making the profitable crypto investment to DTH recharge, these exchanges make living in a crypto world easier, with just one click.
Current State of the Indian Crypto Market
As per market analysis, the Indian crypto market is set to offer over 800,000 jobs in the next five years. With leading global crypto enterprises such as Coinbase, HashCash Consultants, etc. expanding into every nook of the country, the crypto boom is inevitable. The government has made it mandatory in the last week of March 2021 for companies to disclose cryptocurrencies they invested in.
This move is in favor of the Indian crypto market according to the native crypto experts. CoinDCX CEO, Sumit Gupta states, “It will bring in a lot of transparency and will act as a comfort for Indian companies which are dealing in crypto-assets and were previously confused on how to put it in their books.”
The Indian government has taken a progressively clearer stance on crypto hinting subtly at the positive in the last few years. Initially, the Reserve Bank of India (RBI) had banned cryptocurrency trading. The Supreme Court reversed that decision two years later, and then proposed a cryptocurrency regulation bill taking a softer stance. Regardless of the regulatory framework, one thing is for certain — the government’s stance on crypto has changed from one of negativity to one of optimism.
As per market reports, the RBI is looking forward to launching its own CBDC in the near future. The Indian Finance Minister, Nirmala Sitharaman has taken a stance favoring the crypto boom in March 2021 at the India Today Conclave. Sitharaman assured “adequate windows to experiment with bitcoins, blockchain, and cryptocurrency” shall be provided.
Leading crypto enterprises based in the country are looking forward to the cryptocurrency bill 2021 being passed by the government. The slow pace of introducing crypto legislation shows that it is not in a rush to make a decision. Having a tech-friendly cabinet, which includes Ashwini Vaishnav and Rajeev Chandrasekhar, would be an advantage for the Indian crypto community, thinks Bitinning founder Kashif Raza.
“It’s a good sign and shows that our lawmakers are deliberating and understanding this technology instead of rushing into it. This is a really important bill that involves both finance and technology, and I don’t think the government will pass a bill without considering stakeholders’ views. News like S&P adding more crypto indexes is proof that crypto is headed towards mainstream adoption. I’m optimistic that India is going to be a part of this innovation via regulatory clarity,” iterates WazirX CEO, Nischal Shetty.
How HashCash Consultants Can Help Big Houses To Develop Their Crypto Exchange
The global blockchain development company, HashCash Consultants offers crypto services to big houses across industries both in and outside Fintech. Financial institutions, Forex Brokerage firms, hotels, travel agencies, and many other business organizations benefit from the crypto exchange services provided by the renowned US-based company.
Recently, HashCash Consultants has leveraged a UAE-based enterprise by offering its crypto exchange software. Its white-label crypto exchange platform has successfully made its impact all across the world. It provides an incredibly easy, ready-to-use crypto exchange, so you don’t have to break a sweat. HashCash Consultants now invites financial institutions to enjoy a trial run on its crypto exchange.
The world has, as of now, found some ever-evolving ways to manage crypto, with nations like Japan leading the pack in recognizing its potential years ahead. With an ever-increasing number of individuals dipping their toes in the cryptocurrency frenzy alongside the rest of the world, India, too, isn’t far behind.