Despite the government’s negative view on crypto, crypto investors in India have increased over the previous six years. Fintech, mobile technology, and digital payments have helped cryptocurrencies expand in India.
Fintech has helped cryptocurrencies develop in India. Fintech firms are using blockchain technology to develop new financial solutions. These companies use cryptocurrencies for peer-to-peer, cross-border, and micropayments. Cryptocurrencies will likely become more prominent in India’s fintech environment.
Mobile technology adoption also drives cryptocurrency growth in India. India has almost 1 billion smartphone users. This has developed a broad user base comfortable with digital payments and equipped to invest in cryptocurrencies. Indian mobile wallets make cryptocurrency transactions easier.
Digital payments are also fueling India’s cryptocurrency boom. The government’s cashless economy campaign has increased digital payments. Mobile wallets and digital payment platforms are popular for making purchases. Cryptocurrencies’ security and convenience make them attractive.
The Indian government has been cautious about cryptocurrencies despite their growth. The RBI banned banks from trading cryptocurrencies in 2018. Cryptocurrencies in India fell temporarily due to this. In March 2020, the Supreme Court of India reversed the ban, reviving cryptocurrency interest. In 2023, the fight remains newsworthy.
The Indian women’s cricket league banned crypto advertising and sponsorships recently. This followed the 2022 men’s cricket Premier League suspension. The government is warming up to cryptocurrencies. The Ministry of Corporate Affairs suggested Company Act modifications in 2021 to require corporations to declare cryptocurrency interests. This shows the government is aggressively regulating cryptocurrencies and recognizing their importance.
BitcoinCasinos.com provided BeInCrypto with interesting statistics to corroborate the narrative. Notwithstanding legislative difficulties, crypto users in India have increased over the past six years, according to the survey.
Cryptocurrencies are increasingly employed as a medium of exchange and store of wealth. It will process $43B globally. Up 24% from $34.3 billion last year. Market factors, global adoption rates, and legislative changes affect cryptocurrency transaction values worldwide.
Given this, the US, the largest crypto market, will contribute almost half of that value. Despite losses, U.S. crypto ownership remains well behind India. According to the research, India would have over 156 million crypto users in 2023, five times more than the US.
COVID-19 changed the region. Because of inadequate banking infrastructure, the bitcoin industry grew throughout the pandemic. Crypto users increased 760% to 134 million between 2017 and 2022.
“With 156 million individuals using digital currency in 2023, India will have three times more crypto users than the US, Japan, UK, and Russia combined,” the team told BeInCrypto. From 257M in 2022, global crypto users are expected to rise to 293M. India will be crucial. The U.S. has less than 10% of global crypto users, and governmental scrutiny may lower this figure.
Over the past six years, fintech, mobile technology, and digital payments have increased crypto investors in India. Cryptocurrencies have always been opposed by the government, but there are hints of change. Cryptocurrencies may become more relevant in the Indian financial ecosystem as the economy grows.
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