The Growth of Crypto Industry in India
The Government of India has had a hard time regulating cryptocurrencies in India and that has lead to a lot of hardships towards the Crypto Community in India but it is also a fact that while we are indeed facing hardships in different aspects the Crypto Industry is indeed growing at an enormous pace in India. I have to say the growth of Crypto in India has significantly increased since the pandemic hit the world and I believe the reason behind that was the fact that people were jobless and sitting at home with nothing to do and the majority of people decided to learn about new stuff and that included Cryptocurrencies as well. There is also the fact that during the start of Covid Stocks, Bonds, Gold everything went down and people were looking for a place to park their hard-earned money and some people chose Crypto as their Safe Haven.
The second reason why I feel like the Crypto Industry is booming in India is due to the Banking Ban that was imposed on us by the Reserve Bank of India about two years ago. Just about a year ago the Supreme Court of India passed the judgment on that case and ruled in favor of the Crypto Community and that has most certainly become a huge positive sentiment for Crypto in India as now we kind of have the backing of the Supreme Court that is saying that Buying and Selling of Crypto are definitely not Illegal as long as we pay our taxes. Plus people always want to have things that are kinda banned.
The third reason might be because finally after so much time Indian Crypto Exchanges are allowed to run Ads for Crypto on TV and other media outlets. This means people are getting exposed to crypto from a place that was previously not accessible to us. Yes, it comes with a big disclaimer at the bottom but it is still better than no Ad at all.
Finally, I would like to conclude by saying that Crypto is pretty new to all of us considering another form of currencies which have been for decades so it is kind of destined to boom, and in a rising Economy like India Crypto will boom at a rapid rate compared to other countries provided the Government gives a favorable regulation to Crypto Industry.
Posted Using LeoFinance Beta