Despite the warnings, the number of cryptocurrency investors in India is increasing. This is not a small thing that investments in cryptocurrency grew from $200 million to $40 billion in a single year. This shows that people are investing in cryptocurrency more and more. The removal of the ban on cryptocurrency exchanges by the Supreme Court is also believed to be one of the reasons for increasing investment in crypto industry.
[source](https://www.india-briefing.com/news/wp-content/uploads/2017/10/IB-Cryptocurrency-in-India.jpg)
As you know, the Central Bank of India put ban on all transactions between banks and crypto exchanges in April 2018, due to which crypto investors had to face a lot of troubles. They could neither transfer money from their bank accounts to crypto exchanges nor could they withdraw money from exchanges to bank accounts. RBI's ban forced many crypto firms to close their business. Despite facing so many difficulties, crypto users did not give up. They petitioned the Supreme Court against the RBI ban, and crypto exchanges like Wazirx implemented peer-to-peer (P2P) transactions on their platform. Sometimes there were problems in peer to peer transactions but the officers of Wazirx used to solve them too. Ultimately the Supreme Court ruled in 2020 in favor of crypto industry and ordered the removal of the RBI ban.
The decision of the Supreme Court has boosted the morale of crypto users somewhere, due to which the number of crypto traders in India has reached 15 million. While it is 23 million in the US and 2.3 million in the UK. Traditional investors of India are also started investing in cryptocurrencies rather than gold and earning profits.
According to economictimes.indiatimes.com, 32-year-old Richi Sood, who used to invest in gold, is now investing in cryptocurrency. By borrowing from his father, he invested Rs 10 lakh (1 million) into cryptocurrency. He made a profit by selling coins when the price of bitcoin hit $50,000 in February. According to Sood, he can earn more by investing in cryptocurrencies than gold. Not only this, cryptocurrency can give you high returns in less time. This is absolutely true, but the bigger truth is that you can also suffer loss in it. Every investment has the potential to make a loss and your world can change in the blink of an eye in cryptocurrency. Therefore, before investing, you should understand cryptocurrency thoroughly. This will reduce the chances of loss.
Most of the crypto investors in India are in the age group of 18 to 35 years. There is no doubt that it is because of these people cryptocurrency is flourishing in India. However, the government is trying to bring a new law for cryptocurrency. But whether that law will be in favor of cryptocurrency or against it is not yet known.
Some people believe that you can easily invest in cryptocurrency instead of gold. I have never invested in gold but I have definitely bought and sold cryptocurrency several times. Some people support crypto investing and some consider the crypto market is quite unstable. There is no doubt that the price of cryptocurrency fluctuates a lot. Therefore it is very important to understand the crypto technology properly.
Now everything depends on the Government of India. If they make laws against cryptocurrency then this industry will be closed in India.
Source: economictimes.indiatimes.com
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