India has been one of the most talked-about countries in the world when it comes to regulating and banning the use of cryptocurrency. 2018 saw the country want to stop all cryptocurrency-related businesses from obtaining bank accounts and cutting off access to any other service that a “normal” business would have access to. However, only three years later, we can see huge growth in India’s smaller cities, proving that the changes in regulations have made things easier for the population.
What Changed for India?
There has been a lot of differing opinions regarding banning and regulating cryptocurrency in India. There was a time that the Indian government wanted to invoke a blanket ban on everything related to crypto, even holding a wallet.
However, early in March 2020, India changed their stance a little, deciding that cutting off access to crypto businesses was unconstitutional and that crypto may not have been as damaging to the infrastructure as first thought.
How Much has Cryptocurrency Use Increased in India?
A report from Razorpay showed that over 50% of all signups on WazirX in 2021 are people in tier 2 and 3 cities and towns across India. Some of the tier 2 cities such as Ahmedabad, Lucknow, and Patna have seen an increase of nearly 3,000%, and tier 3 cities nearly 2,500%.
Furthermore, one of the most prominent changes in the Indian cryptocurrency space is that more than 90% of newcomers are professionals and business startup owners and that 65% of those are women.
What Does the Future Hold?
That is the biggest question on everyone’s lips who has an interest in crypto in India. However, unfortunately, it is still very unclear if regulations are going to be implemented in any concrete way. Although the unknown factors surrounding rules are not stopping people from trading crypto in the country, over 10 million people are trading up to $350 million a day in assets.
For now, it appears that people are taking advantage of the availability of cryptocurrency – hopefully, there will be some more clarity on the situation in the near future!