In today’s time, almost every country is involved in crypto-trading and as its market is growing, it is spreading in India as well. However, in the year 2018, the RBI imposed banking ban on the cryptocurrencies, but this year, the Supreme Court of India revoked it. Dr. Garrick Hileman, head of research for Blockchain.com appreciated this decision of the SC and said that now the daily usage of cryptocurrency in India would increase. Hileman added, “With the ban lifted, we now open ourselves to the possibility of Indian developers building and promoting a similar public blockchain (as bitcoin and ethereum) that will be open for trading.
Currently, a limited number of people in India are involved in crypto-trading but you can not deny the fact that slowly, its market is increasing in India and soon it might become a hub for the crypto industry.
Another factor that would help India in becoming a Cryptocurrency Hub are the Exchanges. Recently, the crypto-exchanges, present in India, have raised the funding records which improved the digital economy of the South Asian Countries.
Now, you may still question, how these factors would help India in becoming the Cryptocurrency Hub!
So your answer is India’s market. India has the largest market of gold, inward remittance and IT in the world, and that is enough for making India a hub of crypto-industry. As its market will grow, the industry would not only generate jobs for tech-savvy but also for the people who are from a non-tech background.
India already has some of the best cryptocurrency exchanges for the trading, soon it will be the hub of crypto-exchanges. As the crypto-trading will increase the more number of exchanges will come to India to start a business here.
Currently, we have 11 exchanges in India that allow crypto-trading but as more people will get involved with it, the market will increase. Today, Bangalore is considered to be a hub of cryptocurrency in India, because this city has a maximum number of exchanges. It is expected that after SC’s decision and halving, the market of cryptocurrency will grow more in India.
When the banking ban was imposed many of crypto exchanges were shut but now as the ban is quashed, they have got a chance to re-open their business in India. They will not only provide a platform to the crypto-traders but also to the people who are seeking jobs in this industry. In the coming years, we can see more crypto exchanges operating in India. They will offer new features and more profit to their users.
And if you ask me how halving could affect the growth. You must have heard that during the past two halvings the price of Bitcoin rise and the rewards reduce, which was profitable for the market. As the hash-rate increases, the mining activities also rise simultaneously, its resources, efficiency and mining costs rise.
The exchanges used for mining and trading will help the users to grow their bitcoin. As the Bitcoin continues to grow, its market would increase and also this will help the users, as they may get rewards. Means, Bitcoin’s growth is not only profitable for the industry but for its users.
So basically, as the crypto trading increase on the exchanges, the value of Bitcoin also grow. The more you trade Bitcoin on the crypto-exchanges, the more it will grow in the market. As it will become more popular among users, they will demand more Bitcoin, the exchange would provide them. This is like a cycle, one thing is dependent on the another.
What I think is that the Indian market would be a jackpot for cryptocurrency, because here people are always ready to explore more. The industry would have to work a bit hard in India, so that people who are unaware of its benefits could know it and start utilizing it, for making it a hub for cryptocurrency. Soon, we will see India becoming the next destination for cryptocurrency.
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