Although the status of the crypto industry in India has been a mixture of praise and controversy, with the government seemingly threatening to pull the trigger on continued regulatory crackdowns every other day, the local investors have nevertheless managed to pour nearly $39 billion into crypto over the course of the last year alone.
To that end, despite the fear, uncertainty, and doubt (FUD) prevalent throughout the nation as the nations’ Reserve Bank (RBI) made it known that it shall remain mainly hostile towards the new digital asset class, many local citizens remain confident in investing in crypto and believe that the industry has a bright future regardless of all of the hardships and difficulties that it has had to endure. As a result of this positive sentiment, India’s overall digital asset investments have now risen by approximately 19,900% since 2020.
As per the latest data and reports, cryptocurrency-based investments had previously spiked during the middle of last year before becoming parabolic around the time when the crypto markets had reached new ATHs (all-time highs) towards 2020’s end.
As a result, it was estimated that the overall investments that had been poured into the crypto industry in India had actually grown from $200 million into a whopping amount of $40 billion in only a year’s time. It is now believed that a total of 15 million Indians have been exposed to crypto in one way or another.
Not everything is going well
Ever since the country’s Supreme Court had overturned the RBI’s decision to ban various financial institutions from being able to offer banking services to numerous firms for the purposes of operating with cryptocurrencies and other digital assets, local investors have become a bit more comfortable with investing and trading in crypto. However, the RBI has maintained its hostile stance towards the crypto industry, as aforementioned.
Additionally, the situation is not as glamorous as the locals would have hoped for, as India’s lawmakers have been busy coming up with new rules and regulations which threaten cryptocurrency assets in the country. This has been occurring for the last 15 months, with little signs of stopping. Nonetheless, ZebPay’s co-founder, Sandeep Goenka, noted an optimistic attitude for cryptocurrencies amongst those Indians aged between 18 and 35 years old. Many Indians are also actively choosing to invest in cryptocurrency rather than gold nowadays.