Indian Crypto Investments Skyrocket by 19,900% in A Year, Despite Being Faced with Regulatory Uncertainty.

Indian investments in digital assets have grown by more than 19,000% in one year, notwithstanding the country’s unstable regulatory disposition. 

According to a recent report, data from blockchain analytics company, Chanalysis, claims crypto investments experienced growth in mid-2020. The growth then led to an all-time high towards the end of the fourth quarter of 2020.

The company predicts that India’s crypto investments rose from $200 million to $40 billion and estimated that about 15 million Indians are now exposed to crypto. The boost is happening even as the status of crypto in the country is uncertain.

India’s central bank, the Reserve Bank of India (RBI), has often threatened to ban cryptocurrencies and even barred local financial institutions from providing services to crypto companies. 

Although the RBI retracted last month by asking banks to ignore the 2018 notice that instructed them to stop working with crypto companies, India’s next decision is unsure.

Despite continuous threats of increased regulatory crackdown, the co-founder of Zebpay, Sandeep Goenka, has focused on the growing appetite for crypto among Indians between 18-35 years. He noted that Indians within this age range prefer cryptocurrency over gold as an investment. 

Speaking to Bloomberg, Goenka said:

“They find it far easier to invest in crypto than gold because the process is very simple. You go online, and you can buy crypto. You don’t have to verify it, unlike gold.”

Image Credits: Pixabay