After the banking restrictions on crypto exchanges were overturned by India’s Supreme Court, Binance saw 150% more signups in many Indian cities leading the local trading volumes to grow by 66%. Soon after the banning withdrawn by the court, Binance joined the Internet and Mobile Association of India (IAMAI) which played a vital role in lifting up the ban.
Prominent Indian economist Subhash Chandra Garg thinks bitcoin to be a global currency so he said that India should create a Central Bank Digital Currency (CBDC) that citizens can use with digital wallets.
Co-founder of Matic Network Sandeep Nailwal has seen his startup garnered roughly 60 dapps within the first month of rolling out an Ethereum scaling solution. So an uptick in the usage of decentralized applications (dapps) has been seen. With crypto, real money games are becoming popular.
Nailwal thinks there are a plenty of technically skilled people who are willing to overcome the UX challenges that stands in the way to mainstream users in tech hubs in India. So far at least 15 of the dapps using Matic hail from India as he said.
Crypto taking root in India
The ETHIndia Community Telegram group has roughly 931 members and Nailwal is participating in a monthlong ETHIndia virtual hackathon along with some developers. The man also indicated to the government’s blockchain projects exploration. The ongoing global recession, Trump’s repugnant approach towards foreign worker visas may inspire some Indian workers to build their careers in India’s tech industry.
Some exchanges including Unocoin are coming back from the dead winning some legal battles in court. With roughly 400,000 users completing the know-your-customer process, Unocoin started coming to the market with strong force. The unemployment rates in India was over 22% last month may have a delayed impact of inspiring more crypto novices. With local market ramping up, Indian traders are barely getting started.
Crypto for hedging
Gold has been very famous in Indian families for custodying wealth but as expected by several experts that people are finding crypto as an attractive proposition for hedging their risks. A number of exchanges in India have observed a spike in new registrations on their platform amid the lockdown.
Indian household with expendable wealth is now pondering about diversification and as a result they can increase their crypto holdings.
Surge in BTC and ETH
Bitcoin and ether are main cryptocurrencies and as many people are ignorant of cryptocurrencies and its use, exchanges need to do a big push to educate users. Indian women are more interested in crypto. People were searching for the ideas of ‘’new avenues of investment, during lockdown. Indians women are more enthusiasts about crypto than women in United Kingdom or United States. There was a spike in activities around Ethereum.