India is often considered to be one of the major hubs for Bitcoin activity The country is home to fintech and digital payments, which is positive news for cryptocurrency as a whole. Local exchanges and service providers also see major growth every single quarter. According to Nic Cary, around 2.500 Indians invest in Bitcoin every single day. These statistics are presented by Blockchain, the Bitcoin wallet provider for the UnoCoin exchange.
It is always interesting to look at the Bitcoin situation in India. It is one of the world’s most impressive developing countries Their recent focus on digital payments and mobile solutions has not gone by unnoticed These efforts are also beneficial to new forms of money, such as cryptocurrencies. With several Bitcoin exchanges active in the country, there’s also a growing cryptocurrency community. Unfortunately, factual growth numbers are a bit difficult to come by.
Nic Cary Makes Some Interesting Claims
According to Blockchain President Nic Cary, there is a rather substantial growth. More specifically, he claims 2,500 Indians invest in Bitcoin every single day. That is quite a high number, to say the least. Blockchain provides the Bitcoin wallet service to the Indian UnoCoin exchange. Through this partnership, both companies can accurately assess their quarterly growth. Although acquiring Bitcoin is still troublesome for average users, Blockchain wants to make this more user-friendly.
Nic Cary comments on the cryptocurrency situation in India as follows:
“Post demonetisation, India became the fastest growing economy to witness a surge in use of digital wallets in daily transactions. The fondness for digital currency, especially Bitcoin, has also seen a rise, attracting many users who want instant transactions. According to a recent report, 2500 Indians are investing in Bitcoin daily, which makes India one of the top contenders for becoming the largest market for cryptocurrency. Keeping this in mind, we are partnering with Unocoin to bring in this digital currency to the masses.”
No one can deny the cryptocurrency market in India has grown a lot these past few years. Despite warnings by the RBI, consumers and businesses see merit in Bitcoin and select altcoins. Without any official regulation in place, cryptocurrency remains a legal gray area in the country. There is no shortage of startups and companies, though. The government keeps close tabs on these developments. It is possible India may introduce regulation in the near future. No one knows for sure what these guidelines will look like, though.
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