What is the future of cryptocurrency in India

What is the future of cryptocurrency in India

While the internet has taken over the world, the role of digital currencies in transforming the countries cannot be undermined. Today cryptocurrency is emerging as the fastest growing digital currency with more than billion users worldwide in almost all major countries of the world.

How crypto currency has evolved over time

Cryptocurrencies were invented to improve the way people create, store, and transfer value. However, they have evolved with more technological advancements. Today, they are playing a major role to serve the higher purpose of financial inclusion, by providing an investment and transaction option to everyone – irrespective of nationality, ethnicity, race, gender, or socio-economic class.

Accessible to all, cryptos have also gained the reputation for being the leading programming money- a term for real money that is represented in digital form or by tokens – for the masses. Programmable money is tracked with corresponding electronic ledgers, which are commonly known as blockchains.

While the active internet users have tremendously increased over time, the future of cryptocurrency can reach massive heights. The growing base of online citizens, coupled with the subcontinent’s programs for digitization and financial inclusion, has helped consumers become more aware of and warm up to digital exchanges and cryptocurrencies.

India witnesses massive upsurge in demand

With facilities like quick and easy transactions, the cryptocurrency is gaining immense popularity in countries like India. India is expected to witness a drastic increase in the use of cryptocurrency as a method for making payments. The craze for crypto has seen an upsurge with more and more youth taking part in the revolution. Moreover, cryptocurrencies open up a new asset class for consumers to grow their wealth, as a form of investment.

According to a recent report by blockchain data platform Chainalysis, India ranks second in the world in terms of cryptocurrency adoption. As per various estimates, around 15 million Indians have invested in crypto-related assets to date, with a recent survey by consulting firm Kantar noting that a sixth of urban Indian residents own cryptocurrency.

Crypto investments in the country grew more than seven-fold from $923 million to nearly $6.6 billion between April 2020 and May 2021. These developments, along with increasing rural Internet penetration, are improving financial access in the country.

Rising interest among younger generation

As India possesses a larger tech-savvy population of millennials, many new and big players have entered into the market to provide solutions and help people while making their trading easy and cost-efficient. As a result, young Indians aged 18 to 35 are also finding cryptocurrency a better investment option when compared to gold due to the ease of process – a fact borne out by recent World Gold Council data.

While the government of India has not yet accepted crypto as a legal currency, they are likely to introduce a much more democratized and accessible financial system to drive economic growth and regulate the transaction process.