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Indian Crypto Industry Expanding

Crypto expanding

December 23, 2020 | 

707 Views | 

JOHN K MWANIKI | 

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India is on its one of the most progressive crypto growth phases. The country has had such a tumultuous run with digital currencies. It was one of the countries to embrace the new form of currencies. It yet didn't last as the government moved to ban the coin. It deemed it a challenge to the local currency. It also felt the coin was a threat to investors and other traders. 

It was all doom until the Supreme Court came to the rescue. It removed the two-year ban on banks servicing crypto exchanges earlier in the year. 

The move cleared the way for a revamped Indian crypto industry. The people of India are warming up to crypto banking services. Some of the world's biggest crypto financial services are also looking to join the big market. For example, a British-based fintech company, Cashaa, partners with the Indians United Multistate Credit Cooperative Society. They are together launching a crypto-centric banking company in India. It will start with 34 branches in Northern India before expanding to the other parts of the country. 

The growth of crypto use in India comes at a time when digital currencies at becoming mainstream. Several markets around the world are turning to the newer method of payments. This is after the decline of the traditional currencies over the Coronavirus pandemic. 

Bitcoin, Ethereum, and other cryptocurrencies are all growing in value. Bitcoin, for example, has raced from $3k to over $19k. The growth is a show of trust by users in the new currency system. Even Ripple, Tether, and the smaller coins have a chance at becoming mainstream. 

As the world appreciates the coins, India can only look to become one of the leaders. They already have the market and now an enabling environment. 

Key Factors Behind the Indian Crypto Industry Growth

  • A large number of Immigrants 

India is one of the most popular countries in the world. The huge numbers translate into the number of Immigrants in the outside countries. India gains the most from world remittance. This is from the one in twenty migrants it accounts for in the world. 

The major challenge with the remittance, though, is the foreign exchange. For one to send money back to India, they have to convert it to the local currency. 

The cost of conversion is too high for both senders and receivers. That is where the digital currencies come in. There is no need to convert Bitcoin or any other crypto into another form before use. Indians now prefer it as the ideal medium of exchange

  • Business culture 

Indians take pride in being the top business-minded people in the world. They have a savings driven culture that makes them make use of the new form of currency. They are looking to take the cheaper options in crypto from the traditional banks. 

The business-minded culture of India also means they are explorers. There are several homegrown startups looking to take up cryptos. 

  • Regulatory Improvements

The lift on the ban on cryptos by the Indian Supreme Court was the turning point. The ban meant that access and dealing in crypto in India was illegal. It opened up the Indian crypto industry to new users. 

The freedom to take part in crypto came with unprecedented growth. It was impactful to both the local and international crypto exchanges. The international crypto exchanges experience a double increase by Indian users. The local exchanges were even more with a 10x increase in uptake. 

  • Unstable Indian Rupee

The Indian Rupee has not had the best of the years. It has been growing unstable, leading to an increased demand for US dollars. The demand is also increasing the cost of the exchange. 

The Indian professional traders and the business community are looking for alternatives to the Rupee. So far, virtual currencies have proven to be the saving point. 

The surge of the crypto exchanges in the country allows for easy access to trade. The exchanges support the Rupee and other crypto trading pairs. 

The Indians use cryptos to help convert the local currency to a more stable fiat currency. 

The Future of the Indian Crypto Industry Growth

The Indian crypto industry keeps on expanding. You are never too sure how it will be in the next few years. Currently, the market seems to display both signs of progress and derailment.

The one possible reason for the growth is the general crypto rise. The coins are becoming valuable with many people who are looking into them. A continued rise in the cryptocurrency is likely to make India an ideal center. It has the necessary infrastructure. The population and the existing systems are all set for crypto growth.

The other traditional companies are also looking to gain a piece of India. One of such businesses is PayPal. This follows its announcement that it will allow Bitcoin access on the platform. That the users would be able to trade the coins while at it.

PayPal has not had the best of runs in the Indian market. It launched early enough but had to change some of its operations to meet the market demands. This was never successful as it had to close up. Upon return, it could get a market with several competitors already established.

The crypto support now looks to give it a new lease of life. It is likely to attract expanding crypto users. The same applies to other crypto-based businesses.

Still, not all seems great for the Indian crypto industry. It still grapples with the regulations concerns.

Lacking a clear regulatory framework is setting up a fractious operational environment. Most crypto firms are not aware of what to expect from the regulators.

There have been recent talks of a possible yet another crypto ban from the government. While the matter is so impactful, the government is not disclosing any information. They are also unwilling to engage the Indian crypto market in such conversations. 

Already, the crypto exchanges are implementing regulations in place. Any ban or anything of that nature would disrupt its growth. 

Bottom Line 

The Indian crypto industry is on an upward trajectory. Only another government ban on cryptos or something worse can derail its development. With everything staying intact, the market will keep on gaining. 

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