- The Covid lockdown boosted crypto adoption in India, which was also reflected in the increased volume of crypto transactions.
In India, there was an extraordinary interest in crypto trading last year, as evidenced by an increase in the volume of transactions by up to 30%.
With this information came the popular Indian daily The Hindu Business Line, which also added that the popular cryptocurrencies are Bitcoin, Ripple, Tether, but also Tron.
This result clearly shows that, despite speculation about a cryptocurrency ban in India, this did not deter traders and they continued to buy or sell digital assets. Recently, however, traders have been a little calmer, especially thanks to the statements of the Minister of Finance, who indicated that the government still has open possibilities in this area.
In India despite the speculation around banning, the recent view of the Finance Minister has clearly indicated that the Government is open to options. This reassured investors, leading to subsequent rise in volumes, and interest seen in both Bitcoin and ETH as they become part of the alternate investment,
Bitex Founder and Chief Executive Officer Monark Modi
The executive officer of India’s largest and safest cryptocurrency exchange also commented on the current situation, claiming that India has matured very rapidly in the field of cryptocurrencies in the last 12 months.
The lockdown boosted crypto adoption in India but we have not just seen the enthusiasm sustaining but rather growing. While India is a nascent market, it has matured very rapidly over the last 12 months. Retail investors are growing increasingly aware of the asset’s potential owing to its deflationary nature and making it a better hedge against market shocks,
CoinDCX Chief Executive Officer and co-founder Sumit Gupta
According to the latest estimates, in India there are approx. 10 million cryptocurrency users.
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