Despite regulatory uncertainty, crypto investment in India is growing 19,900% in one
Despite India’s uncertain regulatory environment regarding crypto assets, investments in digital assets across the country have increased by around 19,900% over the past year.
According to data from blockchain analytics firm Chanalysis, reported by Bloomberg on June 28, crypto investments spiked around mid-2020 before turning parabolic at the end of the fourth quarter when the market hit all-time highs.
Chainalysis estimates that total crypto investments across India have increased from $ 200 million to $ 40 billion in the last year or so, with the company estimating 15 million Indians to have crypto exposure.
The data illustrates the positive impact of the March 2020 decision by the Supreme Court of India to lift the Reserve Bank of India’s ban on financial institutions providing banking services to public corporations, which operates with digital assets.
However, things have not gone entirely smoothly for India’s crypto sector since the Supreme Court lifted the RBI ban last March and lawmakers regularly threatened new laws.
Sandeep Goenka, co-founder of the local exchange ZebPay, emphasized the growing appetite of Indians for digital assets despite ongoing threats of a new regulatory approach: between the ages of 18 and 35, they prefer crypto investments over gold. He told Bloomberg:
“They find it a lot easier to invest in crypto than gold because the process is so simple. You go online, you can buy crypto, you don’t have to verify it, unlike gold. “
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Local businessman Richi Sood, 32, is among those who lost gold in favor of cryptocurrencies. Sood has invested more than $ 13,000 in digital assets since December after BTC topped $ 50,000 in February before reinvesting amid the recent crash.
“I would rather invest my money in crypto than gold. Cryptocurrencies are more transparent than gold or assets and more profitable in a short period of time, ”she said.