Considering crypto ecosystem, major players and challenges, Coinpaprika, a cryptocurrency research platform allowing you to view things as the technical aspects of a given cryptocurrency, and Okex, a world-leading cryptocurrency exchange providing advanced financial services to traders globally by using blockchain technology, analyzed that the cryptocurrency market of India will gain considerable market share starting this week.
A rapid cryptocurrency-development is underway in India. Companies in India focus on immigrants, finance and government policies for crypto market development in India. It is hoped that within 2022, India will be able to gain global market share of crypto transactions.
Cross-border remittances by Indian immigrants have been the highest in the world over the years. India can save a large number of remittance fees through using bitcoin and other cryptocurrencies as a cross-border payment medium as cross-border transactions conveys high fees- as per the report of Coinpaprika and Okex. The growth of digital currency can be highly driven by remittance.
As the exchange rate between rupee and USD is getting high on a gradual manner and rupee is failure to maintain its stability during COVID-19 so there is a necessity of switching from rupee into a more stable fiat currency. In that circumstance, rupee can’t be directly converted to US dollars due to strict foreign exchange regulations so the chance of Bitcoin is higher.
Cryptocurrency is in use for maintaining asset’s value because reportedly many rupees are exchanged to Bitcoin through chat groups which are then converted into US dollar.
With the recent unban verdict of India’s Supreme Court, the crypto industry in India has found its levity. The court has restricted the way of another ban. Traffic on many exchanges from India increased many-fold in 2020. OKex’s visits from India took a drastic increment reaching 545.56%. Many other exchanged have also seen a high growth in trading volumes and new users. As reported, several new crypto exchanges are launching in India and more venture capitalists are investing in Indian crypto startups. For example, OKex will soon launch a P2P trading platform in India and Kraken plans to expand into India this year. The antagonism among crypto exchanges in India will soon be fierce.