Indians trading a lot in Cryptocurrencies

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Trading cryptocurrencies have become a new trend in India. Not just India but this has been the new trend in many other countries as well. Today I read an article that clearly explains how the number of users trading from India has drastically increased in the last few months especially after the price of BTC started pumping.

It is reported that Indians are trading in millions every single day from popular exchanges like WazirX and CoinDCX. The founders of these exchanges have reported that the sign-ups have increased drastically by 125% in the last two months. It is also mentioned that lots of people who are trading in these platforms are of age 25 to 40. It is also said that BTC is the most interesting cryptocurrency for these traders as most of the trading happens in that cryptocurrency.

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In India, we still don't have proper regulation on the use of Cryptocurrenices. As these exchanges have made KYC a mandatory thing for the users, I think they are supporting the trading of cryptocurrencies from India. Digital currencies are going to be the future no matter what. I guess governments should make use of the great things that this technology can give us.

There are companies like Mobikwik, Paytm, Freecharge, etc that have an internal wallet and they currently support UPI payment between one party and another. It will be a big dream to see these wallets supporting cryptocurrencies as well in their wallet where people can pay with the help of their favorite cryptocurrency. I'm sure this is not going to be a distant dream and we might be able to see this in another decades' time or even maybe in the next one or two years down the line.

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One good thing for cryptocurrencies in India is that the government has now lifted the ban. We no longer have any ban on Cryptocurrencies. But I'm sure illegal transactions on Cryptocurrencies are still a problem. If there are proper ways to handle that, then it shouldn't be a problem. At least the government can come up with a blockchain that can help in tracking user transactions easily. Even UPI payments can be backed by cryptocurrencies. Instead of having all the data in a centralized database, they can consider having the data in a blockchain and reward the users directly with the help of a cryptocurrency.

These ideas can take digitalization to next level. It is already a great achievement to bring all the transactions easier with the help of UPI. If the government can work on exploring this technology to make use of it, it would be a great addition to digitalization. Many countries like South Korea are already advanced in terms of all these technological explorations.


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11 comments
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Bang, I did it again... I just rehived your post!
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Thanks for sharing this news... Italians still don't know Bitcoin well

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The adoption rate is not very high here as well. People are not even welcoming digitalization.

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I see digital currencies quite different from cryptocurrency and unfortunately governments are betting more on digital currencies which will be easier traceable and controled by them.

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Yes digital currency is a bit different from cryptocurrency but people are not even ready to accept digital currency yet. They rely more on cash transactions. !BEER

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Sorry, you don't have enough staked BEER in your account. You need 24 BEER in your virtual fridge to give some of your BEER to others. To view or trade BEER go to hive-engine.com

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I rely on cash a lot as well, and although I am into crypto, I am not excited about digital currencies, as those are not really crypto, but more like government controlled digital forms of money.

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yes finally crypto getting famous and so nice to see this change

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