Crypto in India has seen a boom in recent times. In hundreds of small towns in India where a generation has hardly dealt with bonds and stocks is heading towards Ethereum, Bitcoin, Cardano, and many others.
The average age of the 11 million users in CoinSwitch Kuber, which is a cryptocurrency trading platform that had no existence 18 months ago is 25 years, and 55% of the users are from outside big metropolises like Mumbai and New Delhi. The cryptocurrency list used in India is huge and people are well aware of most cryptos.
Widespread approval of digital currency by Generation Z and millennials is helping the crypto space to step out of the shadow far from 2018, where the founders of a crypto exchange were behind the bar for making the attempt to lay out a kiosk in a shopping mall in Bangalore where people had the ability to swap Bitcoin for fiat. But now trading is very much public and is accepted by the masses of this country despite the barriers that were put forward by the Indian government. CoinSwitch Kuber has recently signed up a famous Bollywood icon for their ad campaign along with the tagline, “Kuch toh badlega” implying something will change.
For CoinSwitch Kuber, which began as an aggregator to the best real time values for cryptocurrency around the globe, something already has. Back in 2018, this rising venture was unable to play on their home territory as the monetary authority of India has notified the financial institutions and the banks do not entertain users who dealt in cryptocurrency. It was only in March of last year’s March that the Supreme Court abolished the ban. CoinSwitch was launched in June, and now it has acquired 11 million users in just 16 months. Investors noticed the startup: this recently became the first in the nation to raise money from Andreessen Horowitz, who is a Silicon Valley venture capitalist at the valuation of $1.9 billion. According to Ashish Singhal, one of the co-founders of CoinSwitch Kuber,
“We’ve decided that we’ll show our faces. Even if regulation harms our business in the short run, it’s better than being forced to operate in a gray area with little certainty and not much room for growth.”
Fears of getting affected by the law slowly drove down since the verdict that was laid down by the Supreme Court last year that offered new life to this dying industry. But the risk always remains as digital currency is a highly volatile currency. While last month Beijing announced in the most definite terms, it tries to roll out all transactions in digital currencies, but New Delhi will hesitate before taking such steps. That is primarily because of the relationship with the state and the private business in India, where the politicians will require corporate donations to cater to the expensive elections, and the citizens do not prefer being told by the government whether online gaming, tutoring, or owning crypto assets is negative for them. According to Singhal,
“We, as a country, missed out on internet 1.0. We gave world-class talent to Google and Microsoft, including their current CEOs, but we didn’t create those titans. With blockchain, we can build some global giants.”
Presently nearly 83% of the Indian urban are aware of the idea of digital currency and 16% actually own cryptocurrency according to a survey report. Crypto in India has now become a common factor and people have started to take th\e risk of investing and owning them which looked like an alien concept to them a few years back. There is no chance for the Indian crypto industry to go dark even if they do not have the collaboration of any Bollywood star.
Frequently Asked Questions On crypto In India
As of now, the Supreme Court has raised the ban from using digital currency in India. So it is legal in India.
The Bitcoin price in India at the time of writing this is 47,47,447.71 Indian Rupee (22.10.2021, 05.56 GMT).