After so many years, India’s supreme court finally made an important decision to add the Binance Crypto trading platform in the “Internet and Mobile association In India.” Since then, everything has changed for the Indian Crypto traders and investors.
After the addition of the Binance in the IAMAI, there has been an exponential growth of the Indian Crypto traders by 150%. By the end of May 2020, the trade market was filled with 66% of the local trading volumes.
After the Supreme court’s verdict, there is now more positivity in the Indian regarding Cryptocurrency. The trust of the Indians on the Cryptocurrency has increased. That has made the local trading market much more dynamic then it used to be earlier.
With the increase in the popularity of the Cryptocurrency, several decentralized Apps (DAPPs) are surfacing up. You must read asset allocation rules for better understanding and profit-making.
India might use blockchain technology to boost their system
After the restriction on the Cryptocurrency and Blockchain lifted by the Indian supreme court, Indian are thinking of using the blockchain technology in many ways. The government is trying to use blockchain technology to distribute the food parcel. So that the package reaches to its rightful owners.
Plus, there is COVID 19 pandemic that has locked everyone in their respective nations. This might be an excellent chance for the Indians to build a career in the Indian tech industry instead. This can boost the Indian economy.
Several of the veteran’s Indian traders predict that with the significant part of the war is done, the next thing that remains is to make people trust the cryptocurrencies.
According to the Co-founder of the Unocoin, Sathvik Viswanath, the employment rate has increased by 22% than the supreme court orders of accepting the use of the Cryptocurrencies.
Current state on the market
We all know that how much gold asset Indians have in their possession. We might see some percentage of that asset might shift to the Digital crypto asset. The tech-savvy person might also increase their Cryptocurrency holding.
The cryptocurrency market has just won the first phase of the battel. The last stage of the battle is yet there to won. Indians are so conservative with their wealth that they form gold ingots and keep in their locker room, instead of using them in the Gold stock market (which reaches its peak in June).
One thing is for sure that after all this COVID 19 tremor is over, you will find that both rural and urban people will start trading with gold more. And as for the younger generation out there, Cryptocurrency is an unexplored land that might tempt them to purchase.
BTC & ETH surge
Right now, Indians are spending most of the time indoor. That means they have more time to do groundwork research on the Cryptocurrency. And after seeing how all the plans have worked out in the pandemic, there are chances that most of the Indians ate looking for different avenues to invest in. This is where the game might change. As you will find that Cryptocurrencies are coming second in the recommendations after the Gold & Silver.
According to Ashish Singhal, CEO of a crypto wallet CRUX Pay, the number of the Crypto holders has doubled amid the COVID 19 pandemic. And the eye-opener fact is that more than 50% of them are females.
He also added that most of the exchanges are done with BITCOIN and ETHEREUM. And the worst part of this whole Cryptocurrency thing going on is that most of the Indians are not aware of the Supreme Court verdict.
After the restriction taken off from the Cryptocurrency, the Cryptocurrency trade market in India has started to Flourish. All the ladies out there who have accrued their wealth in the gold are the ladies who are most likely to work for the Indian trade market. With a little bit of tuning the system and smooth regulation of the Cryptocurrency, we might be able to protect the users and thereby can bring out the new trading innovations in the Indian trade market.