It was recently reported by unverified sources that leading crypto exchanges around the world are looking for ways to enter the crypto trading market of India. Back in 2019, leading crypto exchange Binance acquired Indian Bitcoin exchange WazirX, joining the local crypto exchange market.
According to unverified sources, companies such as US-based Kraken, Bitfinex of British Virgin Islands, and its rival KuCoin are looking for ways to join the Indian market. In parallel to this, the Indian government discusses the possible ban on crypto trading.
However, there are many people opposing the potential ban in the country, saying that it would negatively affect the young generation of the country, who is largely interested in modern technology, including digital currencies.
Although there is no official data, it is considered that as many as 15 million people are actively investing in crypto in India, which is worth over 100 billion rupees. The sources also noted that all of these three exchanges are very actively discussing the possible ways to become part of the Indian market. However, two of the companies are still in the initial stage of deciding whether joining the market is worth it or not.
All three of the exchanges that are said to be looking for ways to enter the Indian crypto trading market are known to be some of the best-known exchanges around the world. All three of them are among the top exchanges in regards to traffic, liquidity as well as trustworthiness.
The availability of world-class crypto exchanges could mean a lot for the Indian market. Crypto trading is developing very fast in the country, mainly because of the huge interest that the newer generation has.
Indian market is huge and still in the developing phase, which makes it very attractive for crypto exchanges. However, the country is still very uncertain about its stand with crypto, which is getting in the way of the development of the field in the country.
One of the biggest arguments of the crypto enthusiasts in India is that cryptocurrencies could make a great way for Indians abroad to send their families money in the country. On the other hand, the government of the country believes that crypto could let people hide their wealth with digital currencies. As the government representatives say, the ungoverned nature of cryptocurrencies could destabilize the financial market in the country.
Crypto trading is becoming increasingly popular around the world. The market has become especially popular after the crypto price boom of 2021. The prices of cryptocurrencies have skyrocketed in the first half of 2021.
The price of bitcoin hit an all-time high in April 2021, selling over 64,000. This has further supported the popularity of the crypto market. While citizens of many countries around the world are jumping in to invest in crypto, the younger generation in India lacks the option for crypto investment.
Crypto trading has become very popular for a number of reasons. For example, companies like Binance, as well as the ones that are trying to enter the Indian market, offer people the ability to invest in crypto in just a few clicks using their phones.
What’s more, modern technology is giving beginners the ability to trade crypto without any experience whatsoever. Extremely popular nowadays automated crypto trading tools give traders the ability to earn profits from crypto without doing virtually anything.
The crypto trading bots are doing all the hard work for traders, which includes market analysis depending on the historical data of the market as well as fundamental analysis. This is making crypto trading more accessible than ever before.
While many countries around the world are competing for crypto dominance, the Indian government is talking about the possible ban on cryptos. The government of the country was set to present a bill to Parliament around March which proposed a ban on cryptocurrencies.
Had it been passed, it would make crypto trading as well as holding cryptocurrencies illegal in the country. However, the government of the country decided to not pass the law. Since then, representatives of the government have made confusing and inconsistent statements regarding the law as well as the whole crypto market in the country.
In parallel to this, the central bank of the country, the Reserve Bank of India has hinted at possible plans to launch its own digital currency. The governor of the bank said a few months back that they were working on the possible plan.
Although the uncertainty remains, leading crypto exchanges are still eyeing the Indian crypto market as a potentially successful space for crypto trading. This is largely due to the tech-enthusiast younger generation of the country, the majority of whom are interested in the crypto market as well as trading.
The huge interest demonstrated by the locals of the country is one of the major reasons for leading crypto exchanges’ attraction to the local crypto trading market in India.
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