Post-Pandemic Crypto Booming in India
Last Updated on 28 November 2020 by CryptoTips.eu
Two separate articles in The Hindu, one of India’s biggest newspapers, over a period of several months, spell out a golden future for crypto in the Asian subcontinent.
During the summer months, it was reported that during the lockdown period, the volume of daily crypto trading in India had soared by some 400% and now they are seeing those numbers confirmed as major platforms are ready to expand operation in the country.
Trading volumes
The summer was long and tough for India as the Covid-19 pandemic hit the economy hard. Although the lockdowns were not comparable to the harshness experienced by citizens in China and Europe (Prime Minister Modi did not want to risk crippling the economy altogether), a large part of payments still went digital as people were kept indoors. Given the sheer size of the population, this meant that many Indians discovered Bitcoin and other cryptos for the first time this year.
As the Former head of Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI) Ajeet Khurana, claimed:
Along with the lifting of the restrictions on trading, the lockdown has also pushed people to stay at home and many people are spending more time on their desktops and many of them are trading more. Trading volumes are quite robust. Daily crypto trading volume in India maybe USD 10 – USD 30 million.
Happy to see prominent newspapers covering cryptocurrency & spreading crypto awareness. #IndiaWantsCrypto 🙌https://t.co/LmAJ9wsBE9
— WazirX (@WazirXIndia) November 21, 2020
Even Changpeng Zhao, the CEO of Binance, the biggest crypto trading platform in the world, confirmed the expansion of crypto interest in India, when he gave an interview to the country’s press this week and stated:
Binance has been pretty active in India. We believe that India has a very unique opportunity to grow. It is already a tech centre, and it is an ideal opportunity to transform it from a tech hub to a fintech hub. There is a high degree of understanding of Indian users and relatively high adoption rate in India,
Bengaluru
The tech centre CZ refers to of course is located in Bengaluru (formerly Bengalore), which acts as a startup goldmine for small and medium-sized companies in the tech market. Recently Zoom opened it’s new Indian HQ there as well.
In India, a Clash of Digital Innovation and Internet Censorship https://t.co/TuljDCM7YO #Policyregulation #Censorship #India #Technology #Media
— Crypto Mak 🌐 (@crypto__mak) November 25, 2020
Asked whether Indians would follow other Asian nations into investing in crypto, the head of Binance stated:
Over the last three years, we have seen the industry grow tremendously, many new applications. DeFI, offering real services to users, we have seen a lot of innovation in the space this time. There was a previous instance already, the second time is not a bubble.