As time passed, we saw good growth in Bitcoin and crypto in different nations. The growth phenomenon for Bitcoin seemed huge, and the impact went on the higher side.
India is no exception, as the country’s popularity of cryptos is rising. Many of the regulators and lawmakers in the country are now getting closer to crypto.
The trend to adopt crypto is going at a higher pace. The regulators are now getting inclined towards the sentiments, and the adoption of crypto is growing at a faster rate. It also encourages many more Fintech-based companies and startups that are going faster.
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Crypto Rise during the Pandemic
The Pandemic witnessed a sea change in the market, and across the world, it is moving at a higher pace, and now, we see the global economy going faster. We have seen many more products and financial commodities or assets that lost value in a big way.
We look forward to checking the same in it. During the crypto market surge, we can find the rise of Covid also coming ahead faster. India, in particular, witnessed good change and growth in the market. Crypto users across India have gone up.
By 2020, there were around 17 M users in the country, and in just one year, the figure went alarming, with 90 M users seen in the market.
Crypto exchanges or trading platforms were going faster, and in March 2022, the figure just doubled, which speaks a lot about the popularity of crypto in the market.
The challenge of regulation did not prevent the crypto users.
Even though regulatory attempts were put forward in the Indian market, the number of crypto users in the country was unaffected. The RBI had concerns about the crypto-based economy and the services they offered using crypto.
However, with the Supreme Court’s intervention, the ban or regulation on Bitcoin and other cryptos disappeared. Now, the finance ministry has levied a tax on the revenue people make with the crypto investment.
It proves that crypto in India is not regulated but can work with tax inclusion. Despite all these challenges, we see India has more than 400 and above crypto-based ventures and startup companies that talk a lot about the crypto ecosystem in the market.
According to reports, crypto-based companies are coming faster in the local market. Many startup companies must work with NFTs and operate in India the most.
Also, many more players have been working at a lower cost for the past two years, eventually helping more companies enter the crypto market in India.
As per experts, there is no shortage of the focussed area that goes on increasing too many more coins, which are supporting the ecosystem in a big way. Also, the investor-based communities are now working hard with the local market.
Crypto ventures did face a bit of pause, but with the Supreme Court intervention, we see things are opening for everyone.
The rise of NFT in the Indian market
It took time for the market to accept Bitcoin and other digital assets in the country. The NFT domain has been gaining a slow but steady demand recently.
All these NFT startup companies come from different exchanges and are growing with the startup building APIs, infrastructure and tools that help develop NFTs in the market. People are now gaining good ground around the different domains, including sports, entertainment and the NFT market, that are accepting and entering Metaverse.
There is also an idea of FOMO that works fast, and many more companies are now working with the idea to promote things in the right direction.
So, with this growth of NFT and similar other digital assets, we see too many more markets trending around crypto in the country. You need to wait a while and then move ahead to gain the best in the local market.
India is fertile land for the crypto market. It is growing fast despite the challenges coming its way. The Indians are smart enough to work hard and produce better results in the market that offer too many more effects.
Therefore, it would be best to plunge into the crypto market in India, and then only you will realize that things are moving smoothly in the country.