Interest in Crypto Soars Following Regulatory Developments in India
Regulatory developments in India have hit international headlines in recent months. Some identify these events as a regulatory rollercoaster and others refer to them as the integral steps in paving out the future of the crypto landscape in India, solidifying a better future for crypto startups and the general population of India alike.
In March, India hit international headlines when the country’s Supreme Court reversed a ruling that prevented banks lending to crypto firms. With the overturning of this banking ban on cryptocurrency business, multiple start-ups were driven to serve the nascent market. This news marked a truly historic period for the country. Since then, the interest and demand for crypto by the Indian population has been overwhelmingly positive. We took a look at data on Google Trends and used key search words relating to cryptocurrencies to analyze this interest. Below are some particularly interesting figures that we found and wanted to share with our community.
We can see from the below three graphs that the interest for cryptocurrencies has been steadily fluctuating over the past 12 months, but what is particularly groundbreaking is the surge of interest in March. In fact, the searches for the keyword “Bitcoin” doubled after March 4th, which directly correlates to the Supreme Court Judgement day. Since the Supreme Court reversed the banking ban on cryptocurrency business, the searches relating to cryptocurrencies, how to buy crypto, how to convert INR to crypto, and general research on Bitcoin have truly soared in the Indian market.
Graph 1: Search for the word “Bitcoin” over the past 12 months in India
Graph 2: Search for the “INR to BTC” over the past 12 months in India
Graph 3: Search for the “BTC to INR” over the past 12 months in India
Start-ups taking immediate action to serve this promising market have also contributed to this demand and awareness of crypto. For example, we created CoinSwitch Kuber, a cryptocurrency exchange mobile application exclusively for users in India. We built this platform with a simple user interface to lower the barrier to entry for new users, advance mass adoption, and above all ensure that users can buy cryptocurrencies at the best possible rates.
What does the future hold?
Despite promising early moves and milestone regulatory developments, India still has a long way to go before claiming the status of a global cryptocurrency hub. Although significant strides were made in relation to the banking ban and mass crypto adoption, the country still has to overcome multiple obstacles before becoming an epicenter of crypto-related activity.
Ashish Singhal, CEO, and Co-founder of CoinSwitch.co believes the barriers to meaningful growth of the cryptocurrency market in India are centered on the user experience, the financial inclusion gap, and gaining recognition from traditional institutions. These factors will play an integral role in shaping the future of the Indian crypto landscape. He also predicts that while things might be vague and unclear right now, “There will be a turning of the tide, in which businesses will be brought together with regulators to make concrete decisions regarding crypto.”
The above data speaks for itself and clearly demonstrates that regardless of officials’ decisions surrounding crypto regulation in India, the demand for digital currencies is extremely evident. The people of India know what they want and are ready for crypto.
About CoinSwitch Kuber
CoinSwitch Kuber aims to remove the intricacies associated with crypto and instead create a user-friendly platform, in the form of a mobile application. New users can create an account on the platform by performing KYC/AML procedures and can deposit INR into their account using the various modes of payment offered by the platform. Users can then buy and sell any of the 100+ currencies supported by the platform. In addition, users have the facility to store, send, and receive cryptocurrencies through their account.
Download CoinSwitch Kuber app: https://bit.ly/cskuberapp
