India Is Heading for the Top
Recently, the nation’s Supreme Court deemed bitcoin trading lawful and felt that the ban preventing banks and financial firms from doing business with or representing crypto ventures was unconstitutional. That ban has since been removed, and trading in India has jumped to new highs.
As a result, many think the country that was once very anti-crypto is about to put digital assets on the map in an entirely new way. Cryptocurrency exchanges like Binance – the world’s largest trading platform by daily volume – have since joined the Internet and Mobile Association of India (IAMAI), which has ultimately helped in removing the ban from India.
In addition, the exchange overtook control of a trading platform known as WazirX. A representative of the company has stated that since May of this year, new signups have increased by more than 150 percent, which have since contributed to a 66 percent surge in crypto trading.
The Supreme Court’s positive verdict has surely helped in creating positivity around crypto in India.
Aside from standard trading and crypto business ventures, regulators are now introducing the idea of a digital rupee. The rupee is the country’s national form of fiat currency, and the digitization of the currency could potentially push the nation forward as a leading blockchain innovator.
It would also place it along the same lines as China, which has seemingly introduced its new digital yuan to several American businesses such as Starbucks and Subway for testing purposes. India’s addition of a digital rupee could potentially make it a serious competitor to that nation’s economy.
Many crypto entrepreneurs believe India has a lot to offer and are taking it upon themselves to expand the nation’s crypto abilities. Pavel Matveev of Wirex Ltd. in London, for example, explained in an interview:
Last November, we launched our product in eight countries across Southeast Asia, and we are hoping to launch in India this summer. The United Kingdom, for example, has a huge remittance flow from the UK to India… [Indian demand for crypto] may be exhilarated by the COVID-19 situation.
A Leader in Blockchain Innovation?
Sandeep Nailwal of the Matic Network offers similar sentiment. He says that there’s been an upsurge in remittance payments for Indian workers and that the nation has become one of the leading users of dapps (decentralized applications). He states:
Especially with crypto, people are able to play games and earn money out of it. Real money games are becoming more popular. We’re seeing a lot of applications [rely on us] because Ethereum is completely choked up.
He says that with so many tech workers in India, the country can potentially help to elevate the presence and use of such applications.