India has seen a 641% growth in Crypto Markets over the past year. This is a large increase and comes after a steady decline in the market due to the RBI’s ban on cryptocurrency trading.
The Indian government banned cryptocurrency trading in April 2018, which led to a decline of crypto markets in all countries. However, India saw an even bigger hit than other countries like China because it was home to many cryptocurrency exchanges and buyers.
However, this ban has been reversed and the crypto markets have been growing steadily since then; this is largely attributed to India’s economic liberalization policies that have opened up doors for foreign investors and companies hoping to invest. India has become the second-largest market in the world for cryptocurrency trading in terms of volume, surpassing both China and U.S.
The rise of cryptocurrency has been largely attributed to the lack of trust in the Indian Rupee, which has very high inflation rates and is not convertible to gold or any other commodity.