Possibly crypto users this year will cross 150 million marks, as per the report that is shared with BrInCrypto. This will give India more exceedingly half the worldwide crypto users’ market share. What aspects could help accelerate it? Over the past few years, India has experienced a good increase in crypto investors regardless of the negative attitude of the government regarding the crypto world. Several factors which also include the rise of fintech, the increase in the popularity of online payments and mobile technology adoption, and the growth of crypto in India have driven.
The potential of India in bringing crypto
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A primary reason for the rise of crypto in India is the rise of fintech. Fintech companies are using blockchain technology increasingly to produce innovative financial goods and services. Such companies leverage cryptos to allow peer-to-peer payment, micropayments, and cross-border transactions to take place. Because fintech rises in India, cryptocurrencies will possibly play a significant role in the fiscal ecosystem.
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Another reason for the rise of crypto in India is mobile technology adoption. India is home to the world’s second largest market of smartphones, with the users of smartphones more than 1 billion.
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This has produced a huge user base comfortable with digital payments and has the technology to spend in cryptocurrencies. Moreover, the rise of smartphone wallets in India has made it very much easier for all people to transact in cryptos.
The rising popularity of online payments is also increasing cryptocurrency growth all over India. The government’s push towards the cashless economy has resulted in a surge in online payments. A number of people make use of mobile wallets and online payment platforms to pay for goods and services.
No doubt cryptocurrencies provide safer and more comfortable online transaction that contributes to their rising popularity.
Governing obstacles are on the way
Regardless of the crypto growth in India, the government has been for history unconvinced of this industry. In the year 2018, RBI issued a circular that prohibits banks from dealing with cryptos. This had put impact straightforwardly and led to a drop in the crypto value in India temporarily. The supreme court of India overturned the cryptos banned in the 2020 march. Nevertheless, the tussle continues to create headlines in the year 2023.
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Lately, authorities in Indian barred crypto advertising and sponsorship in the local women’s cricket league which followed an earlier ban for men’s cricket premier league, introduced again in 2022.
The government has to hold cryptos, there are signs that it has become open to this industry. In the year 2021, the ministry of corporate affairs had projected adjustments to companies’ acts which require companies to disclose any investment related to cryptos. This suggested that authorities are proactively regulating cryptos and recognizing their value of those.
India can see exceedingly 150m users of cryptos in 2023
The crypto market has gained good traction in recent times and is increasingly used as a mode of exchange and store of value. It is anticipated to account for nearly $43B in worldwide transactions. This is a 24% jump from the $34.3B previous year.
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The precise value of crypto transactions globally varies and depends on the conditions of the market, regulatory authorities, and worldwide adoption rates.
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Considering this, more than 50% value comes from the US, the world’s biggest crypto market. The constant research going on states that it is expected that India will hit more than 150M crypto users in the year 2023 or five times more in comparison to the US. The number of crypto users increases between the years 2017 to 2022 by 760% which is up to 134M. It is expected that the figure will increase a lot in 2023.
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