There has been a massive rise in crypto investment in India despite rigid regulations put in place by authorities in the country.
Indians are also undisturbed by threats from lawmakers in the country that they could outlaw cryptocurrencies. Instead, they have piled $38.8 billion into cryptocurrency over the past year, a 19,900 percent surge in crypto investment over the last one year.
Data from crypto analytics firm, Chainalysis on Monday reveals that slightly before the mega surge the crypto market experienced in 2021, crypto investments increased in India.
Sources close to India reports that the upsurge in crypto investments in the country came after India’s Supreme Court ruled that banks the ban on banks in the country to stop support for crypto firms was illegal in March.
A chart by Bloomberg shows that the rise in investment started gradually in October, and between November and January, a sharp rise in investment was recorded in India.
According to Chainalysis, the total investment staked in crypto rose from $200 million to $40 billion over roughly the past year. In the wake of this, around 15 million people are said to be exposed to cryptocurrencies.
The entire rise in investment by Indians came in defiance of stringent regulations authorities have put in place in India. The apex bank in India (Reserve Bank of India) has firmly stood against cryptocurrencies, which made them stop banks from providing support for crypto.
Back in February, the RBI also warned Indians against the use of cryptocurrencies as they maintained that cryptocurrencies could undermine the economy’s financial stability.
Ultimately, Prime Minister Narendra Modi’s administration is pushing for the ban of private cryptocurrencies in the country.
In the wake of all these, Indians appear to be unperturbed as they remain steadfast, staking their finances in cryptocurrencies.
This post was last modified on November 24, 2021 8:38 am
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