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According to recent reports, the Indian authorities have yet to decide whether cryptocurrencies will be banned or regulated in the country. However, despite this uncertainty, statistics show that the crypto investors in the country have invested around $38.8 billion over the past year.
Due to the uncertainty in regulation laws, some even expect a possible crackdown on crypto. Despite the challenging situation, crypto investments from all around the nation have not ceased or decreased.
This can highlight the importance of digital assets and even grab the attention of potential investors. If you are also a potential investor and want to purchase Bitcoin, Ethereum or other crypto assets then you can use secure crypto exchanges. To buy BTC and ETH, click on SwissBorg or Kraken and invest with a free bonus now.
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Did the Delay in Crypto Ban Bill Encourage People to Invest?
The Reserve Bank of India has had a strict stance against cryptocurrencies and even proposed a bill to ban digital assets in the country. The ban bill was, however, not passed by the authorities. Instead, it was reported that forming some regulatory laws for the use of crypto assets might be possible.
It turns out that the decision to hold the ban bill, taken by the Indian Supreme Court in 2020, did have a positive impact on crypto enthusiasts.
According to statistical data, the investments in digital assets increased in the middle of 2020 and went even higher as the crypto market surged at the end of last year. The data shared by Chainalysis showed the crypto investments in India went from $200 million to $40 billion in the last year. The firm also indicated that the number of Indian citizens now exposed to digital currencies is roughly around 15 million.
The enthusiasm of Indian crypto investors was not only limited to last year. Ever since the Supreme Courts in the country paused the crypto ban bill, the lawmakers in India have constantly been indicating new legislation that might limit or ban the use of crypto.
However, even the possibility of a crypto crackdown has not kept Indian citizens from investing in crypto assets. Sandeep Goenka, the co-founder of one of India’s local exchanges stated that people are preferring to invest in crypto assets rather than in gold and the interest in digital currencies is significantly increasing among people between the ages of 18 to 35.
Goenka stated:
“They find it far easier to invest in crypto than gold because the process is very simple. You go online, you can buy crypto, you don’t have to verify it, unlike gold.”
Could This Signify the Importance of Crypto Assets?
Digital assets have piqued the interest of people all around the globe. Despite the volatility, cryptocurrencies do offer broad utilities and a more independent financial system for the people. The crypto assets are even expected to replace fiat currencies according to some enthusiasts.
While such a drastic shift in the global financial system is yet to be seen, the significance of cryptocurrencies is evident.
The enthusiasm and interest of Indian crypto investors in digital assets further highlight their importance.
Therefore, if you have also been planning to step into the crypto space then using trustworthy exchanges is important and can make all the difference.
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Nonetheless, if you are a crypto trader, using a reliable exchange is equally important in which case the ByBit exchange is one of the best options. Click on ByBit and start margin trading with a free bonus today.
