The Indian crypto industry is on a very precarious scale as regards authorities stance on crypto regulations. The fear is that a probable clampdown of the industry might be imminent. Despite this however, crypto trading has gained notoriety amongst Indians over the last one year. This is evidenced by a 19,900% increment in digital holdings between the previous year and now.
Bloomberg reported that information available on Chainanalysis as of June 28, has it that investment in crypto assets went high in the middle of the previous year and by the last three months of the year, it got to its climax. According to Bloomberg’s source, crypto investments in the country skyrocketed from $200 million to $40 billion within the one-year period.
The positive development in the industry as shown by the data above is a direct effect of last year’s Supreme Court’s ruling. In March of the previous year, the court overruled the central bank’s order that crypto investors should be denied services by the financial sectors of the country. However, the industry has continued to suffer ups and downs because Supreme Court later revoked its March 2020 verdict on the central bank’s proscription laws on crypto industry. Since then, legislators have had a field day intimidating the industry with a clampdown call.
The co founder of ZebPay however affirmed that even with threats of a probable clampdown, Indians between the ages of 18 to 35 have kept on pushing their money into crypto assets. According to the co founder, they prefer crypto investments to gold investments. According to 32-year old Ruchi Sood, one of the die hard crypto investors in the country also affirmed that she preferred crypto to gold investment. She put in over $13,000 in digital holdings in December last year and recorded enough gains when BTC was at $50,000 in February.
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