With a population currently second only to China and an economy that appears to have jumped past the recent pandemic-imposed hurdles, India is one of the biggest potential markets in the world. In another five decades, it may well be up there with China and the US as the biggest economies in the world. This is why the country’s recent mass adoption of cryptocurrencies augurs well for the future.
A recent study revealed that over 100 million Indians own cryptocurrencies, more than the US and Russia. But this is just the tip of the iceberg. With a population of 1.3 billion people, there is a lot of room to grow for cryptocurrencies in the Indian market.
This is just the latest in the many signs that India is primed for a cryptocurrency boom. Recent reports had indicated that the country’s biggest cryptocurrency exchange WazirX had surpassed many stock trading exchanges in terms of the number of users. “Crypto is all about the long term. 3% of the Internet is in crypto. 4.6B people on the Internet still to enter crypto. People are entering as early movers. If this is not long-term thinking, nothing is,” tweeted WazirX founder Nischal Shetty in response to the news. WazirX was recently acquired by Binance as the world’s largest cryptocurrency exchange seeks access to Indian markets.
Cryptocurrencies are, as yet, unregulated in India. There has been a number of reports in the recent past that the Indian government might seek to regulate cryptocurrencies. But given the enormous potential for growth that the sector offers and the potential inflow of capital from developed countries, India may not follow the Chinese example of cracking down on cryptocurrencies and might look to embrace it. If that happens, India might well be the epicenter of the next cryptocurrency boom.