The tide of cryptocurrency is sweeping fast across continents despite the increasing regulatory pressures lately. As the blockchain and crypto industry continue to expand their horizons, we have continued to witness innovations and new technologies in both spaces.
Two Asian giants, China and India are leading the frontlines with respect to regulatory measures. China has been heavily bombarding the crypto mining industry with bans and regulatory measures without restraint.
India is not left out; in fact, the Indian government issued a directive in 2018 proscribing cryptocurrencies. Despite that, the demand for crypto assets has been growing.
Meanwhile, in what seems like a stroke of fate, the Supreme Court of India overturned the 2018 anti-crypto regulations in a landmark judgment in March this year. The authorities has however remained passive following the March judgement.
Nevertheless, it was forced to clear its position in a controversy that involved the Reserve Bank of India (RBI), and in which the RBI had referenced the 2018 regulation. The government issued a circular citing the court’s judgment which rendered the regulation null.
Statistics Reveal Crypto Investments Increase by 19,900%
The growing demand for cryptocurrencies took a different turn this year following the March Judgement. Statistics indicate that crypto investment in the country leapfrogged by a whopping 19,900% this year leaving the total valuation of crypto investments at $40 billion.
These figures represent a mounting interest in cryptocurrencies among the large population, especially among the teeming Indian youths who, according to reports, prefer buying crypto assets. Studies put the figure of Indian crypto investors at 15 million and counting.
Drawing from the above, crypto exchanges in the Asian country have witnessed a massive increase in the volume of crypto transactions.
The largest crypto exchange in the country, WazirX experienced increased traffic and crashed in May. While this bodes well for the global crypto market, more regulatory measures may surface in the coming months. Definitely, the crypto market is in for a long and momentous ride.