Regulation News

Indians undisturbed by rigid regulation as crypto investment surge by 19,000%

TL;DR Breakdown

  • Investment in crypto by Indians surge YoY
  • India remains tough on crypto

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 speaks how bullish Indians are on crypto investment

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.

Chart by Bloomberg showing surge in imvestment by Indians

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.

Tough regulations Indians have to deal with

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

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

Recent Posts

Mexican designer uses NFTs for his next clothing designs

TL;DR Breakdown • The Mexican fashion designer Encinas is expanding his popularity in the NFT… Read More

January 24, 2022

Coinbase shares crash due to the drop in crypto prices

TL;DR Breakdown • The exchange shows that its shares lost over 8 percent in value.•… Read More

January 24, 2022

Myanmar junta crackdown on cryptocurrencies

TL;DR Breakdown Myanmar junta places ban on cryptocurrencies.Violators of ban to face 6 months to1… Read More

January 24, 2022

Polkadot wants to become official sponsors of FC Barcelona

TL;DR Breakdown Polkadot proposes to be official shirt sponsors of FC Barcelona.Music platform, Sportify also… Read More

January 24, 2022

BITO Price Prediction 2022-2025

BITO sold $290M worth of shares in just the first 20 minutes of trading but… Read More

January 24, 2022

Bitcoin, Ethereum, Solana, Cardano; Price Analyses — 24 January Morning Prediction

TL;DR breakdown Bitcoin has gone 21.7% down over the last 7 days Ethereum juggling to face… Read More

January 24, 2022

This website uses cookies.