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Despite India’s uncertain regulatory climate for crypto assets, domestic investment in digital assets has grown by around 19,900% in the past year.
According to data from blockchain analytics firm Chanalysis that was reported by Bloomberg on June 28, crypto investments rose in mid-2020 before turning parabolic as markets hit new all-time highs near the end of the fourth. trimester.
Chainalysis estimates that the total invested in crypto across India has risen from $ 200 million to $ 40 billion in the past year or so, with the company estimating that 15 million Indians are exposed to the cryptocurrency. .
Monthly value of fiat invested in crypto by Indians: Chainalysis
The data illustrates the positive impact of the Indian Supreme Court’s March 2020 decision to overturn the Reserve Bank of Indias ban on financial institutions providing banking services to businesses operating with digital assets.
However, India’s crypto industry has not been entirely fluid since the Supreme Court struck down the RBI ban last March, with lawmakers frequently threatening new legislation banning crypto assets over the past 15 years. month.
Despite persistent threats of further regulatory crackdown, Sandeep Goenka, co-founder of local exchange ZebPay, highlighted the growing appetite for digital assets among Indians aged 18-35, noting a preference for investing in the crypto versus gold. He told Bloomberg:
They find it much easier to invest in crypto than in gold because the process is very simple. You go online, you can buy crypto, you don’t have to verify it, unlike gold.
Related: Existing Indian Law Could Impose 2% Tax on Cryptos Purchased From Offshore Exchanges
32-year-old local entrepreneur Richi Sood is among those who have turned away from gold in favor of cryptocurrency. Sood has invested more than $ 13,000 in digital assets since December, having cashed in part of his position when BTC surpassed $ 50,000 in February before reinvesting amid the recent crash.
I prefer to put my money in crypto rather than in gold. Crypto is more transparent than gold or property and returns are faster, she said.
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