The world of cryptocurrencies took a massive upswing in March when India’s Supreme Court reversed a ban imposed by Indian’s Reserve Bank back in 2018. Ever since the ban was lifted, several popular institutions who had lost interest in the subcontinent came flocking back to set up shop.
This increase has not gone without notice as many analyst companies outrightly claimed India’s importance in today’s burgeoning economy. The rebound in exchange trading has been accompanied by a rapid thaw in mainstream responses to cryptocurrency.
India’s population has always created a large user base that companies look at with massive interest. With over 600 million banked individuals, it only takes a momentary push to bring in a mainstream sentiment for the cryptocurrency world. Even former RBI governor Raghuram Rajan had said that the world of virtual assets would play a pivotal role in taking the fintech world to the next level. The acceptance level for crypto has reached such a level that even the International Monetary Fund recently released a video talking about the benefits of decentralized assets.
This marked improvement in the affairs comes a few years after a complete crypto shutdown in the country. When the RBI first instituted the ban, several high profile companies from India left the country and decided to explore options in other regions. Zebpay, a popular cryptocurrency exchange was one of the major examples in this crossfire with founder Ajeet Khurana once claiming that a return to India would be profitable.
His words seem to have come true as the crypto industry has grown by double digits in the country. Bitcoin and Ethereum trades are at an all-time high in the country and it does not seem to be slowing down anytime soon. Even Arjun Vijay, the co-founder and Chief Operating Officer of Giottus Cryptocurrency exchange stated:
“It takes time to add beneficiaries and transfer money to peoples’ bank accounts. This can be anywhere from 30 minutes to several hours. Most people don’t have the patience to trade like this. Volumes fell 90% when the RBI payments ban came into effect in August 2018.”
The Indian market will again see a resurgence when the price of Bitcoin goes up, a situation that has been on the rollercoaster for the past two months. Experts assume that the current support will maintain for some more time, which can provide sustenance for a continued bull run.