Crypto Boom In India: The Country May Become The New Epicenter Of The Growth Of The Crypto Industry
Who would have thought that India could become the epicenter of the development of cryptocurrency and would be interested in attracting crypto investors? There were very few such enthusiasts. Just over a month ago, digital assets were banned by the authorities. Severe restrictions lasted for the past two years until the government decided to loosen control.
Now there are circumstances when Bitcoin and India can provide mutually beneficial assistance to each other. In the past few days, Bitcoin has come under the influence of a bearish trend, as a result of which its price has dropped by almost $ 600. India is also facing a difficult economic situation due to the spread of Coronavirus. In particular, the lack of cash and the suspension of central banks became a powerful blow to the country.
In such difficult conditions, cryptocurrency can save the Indian economy. The availability of electronic tools allows you to create new jobs, support the circulation of funds in society. This is a great way to reduce unemployment, which is already threatening even the largest countries in the world.
The high demand for cryptocurrency in India is confirmed by stunning statistics. The company Cashaa India, which provides crypto banking services, was one of the first to feel the mass demand for local investors in cryptocurrency. Within 48 hours after the ban on digital assets was lifted, their trading volume grew by 800%.
Also, an interesting study was conducted by the Paxful exchange. According to the data received, every third Indian citizen is a holder of cryptocurrency or was once already actively interested in digital assets. Exchange CEO Ray Yousef noted the following:
“India has always been at the edge of advanced technology. It can make a big contribution to the development of the crypto industry.”
In the situation where the economy of almost all countries are closed, India can use cryptocurrency for its growth. At a minimum, with proper implementation, digital assets can reduce the level of growing unemployment in the country.
Cryptocurrency can become a key asset: fiats are losing ground
Analyzing the state of the cryptocurrency market, Tom Lombardi, the director of Wave Financial gives optimistic forecasts. He noted the following:
“Now there are favorable conditions for Bitcoin. A digital asset can fully demonstrate the advantages that are inherent in it and as a result receive a huge flow of new users. Measures taken by governments, in particular the free issuance of fiat currency, the possibility of infecting paper money with a virus – all this returns many people’s views on cryptocurrency. Now many developers have stepped up the creation of applications for Bitcoin. New times await us. ”