Cryptocurrency is taking off in India despite regulatory fears, which many are now dismissing as nothing but FUD.India has been the subject of intense speculation regarding the future legal status of Bitcoin (BTC) and other cryptocurrencies in recent months.
The high-profile adoption of Bitcoin and other cryptocurrencies by major firms such as PayPal, Tesla and MicroStrategy have not gone unnoticed in India, according to Sharma, who also pointed out the role that the COVID-19 lockdown has played in the spike in crypto interest:
“The growth spurt is a culmination of the last 12 months of positive movement in Indian crypto, starting with the removal of the banking ban by the Supreme Court of India, to the pandemic lockdown leading to more people learning about crypto. This followed by positive global news about Tesla, MicroStrategy, Square, PayPal, Visa entering crypto.”
“Currently, there are over 750,000 investors in India and more than 340+ crypto startups that have come into existence since March 2020.WazirX CEO Nischal Shetty recently joined other industry leaders in drafting a speculative regulatory framework, which they hope will be taken into consideration by lawmakers.