India is becoming a global blockchain and DeFi hub
Currently, India is ranked #2 in a poll of nations that use cryptocurrency the most, with over 9% of respondents claiming that they have used crypto. After the Supreme Court ruled out the RBI ban on crypto transactions they saw a massive increase in retail investors.
India is seeing a dramatic rise in establishing itself as a global blockchain and international DeFi hub. Nimbus recognizes this rising trend and has taken advantage of it by setting up systems in India. Nimbus sees a huge growth potential area based on its extensive network of partners in India. Experts anticipate an exponential growth rate of cryptocurrency in India and surrounding regions.
India’s Cryptocurrency Ranking
Currently, India is ranked #2 in a poll of nations that use cryptocurrency the most, with over 9% of respondents claiming that they have used crypto. After the Supreme Court ruled out the RBI ban on crypto transactions they saw a massive increase in retail investors. As an example, CoinSwitch Kuber is currently seen as the largest cryptocurrency platform in India and has onboarded almost 8 million users since June of 2020. Younger people are leading the change with the adoption of cryptocurrency. People who are between the ages of 18-34 make up more than 40% of users around the world. The other primary demographic base for cryptocurrency users is 35-44. When asked about their launch in the Indian market, Nimbus said they plan to launch in August but that growth of late has been slow.
Forefront of Cryptocurrency
It may come as a surprise but smaller towns in India are at the forefront of cryptocurrency acceptance, especially in recent years. Adoption of the crypto market skyrocketed by over 880% between June 2020-June 2021 worldwide. The number of crypto users in India has skyrocketed to over 15 million. There has been a rise of activity in India’s cryptocurrency space. The Indian government is currently working towards acting on laws and investors are pouring money into cryptocurrency companies. Nimbus plans to invest all its revenue options to locals but they are focusing on staking for 60 days because they see it as the best option. Nimbus says they are planning on having more than 20,000 new users in India by the end of the year.
The Future of Cryptocurrency
A recent poll conducted by the global consultancy PwC postulates that India will be among the leaders in the adoption of the overlying blockchain technology that cryptocurrency is based on, especially over the next five years. Sharan Nair (the CBO of CoinSwitch Kuber) recently stated that “the cryptocurrency industry is on fire. 2021 has seen an accelerated interest in crypto space as companies look to gain exposure to the market.”
An estimated 15 million Indians are believed to have made investments in private cryptocurrency holdings. Cryptocurrency investments in the nation increased from $923 million in April 2020 to almost $6.6 billion by May of 20201, exponential growth of over 400% in just one year. The finance ministry has stated that the world is evolving quickly alongside technological advances. The lucrative potential of bitcoin and other cryptocurrencies is now a recognized asset class in India. But Nimbus doesn’t have plans to make a special product for the Indian market. At this time Nimbus is not operating a headquarters yet but the closest one will be in Indonesia.
The Central Indian government has indicated that Bitcoin and Crypto will not be accepted as legal tender yet, but this is subject to change in upcoming months as new legislation is on the table. But there is good news for the crypto community. The government has stated that it would investigate the application of crypto’s blockchain technology to usher in the digital economy. Instead of outlawing cryptocurrencies, the Indian government may impose stringent rules and regulations in their place. There has been an overwhelmingly positive response to cryptocurrency in India. The market for cryptocurrency sees the potential for exponential growth.
India as the next tech powerhouse for innovation
There is the potential that India could become a tech powerhouse in the coming future. This is especially true if it can land a pro-crypto policy through the centralized government. If India aims to reach a 5 trillion dollar economy, then it cannot ignore the 1.7 trillion dollar market that currently exists for cryptocurrencies. This forward-looking crypto policy can have a significant impact on improving the overall financial infrastructure.
In addition, there are multiple benefits, including safeguarding national security, strengthening the monetary policy, deterring financial frauds, and creating more job opportunities for the local population. There is also the potential to retain top tech talent which will in turn help to accelerate technological development and drive the nation towards becoming the global powerhouse that it is destined to be. A decentralized financial platform could help India resolve the aforementioned issues and have added advantages if these platform networks will not be blocked. At this time Nimbus has a diverse network of partners and currently has more than 500,000. Nimbus doesn’t have that many users but is anticipating exponential growth in the coming years.
Investing in Cryptocurrency
The use of Bitcoin and Ethereum could aid in strengthening India’s monetary policy and bridge the gap areas that exist in the current fintech landscape. The evolution of Bitcoin and crypto currently hold economic importance similar to the internet back in the ’90s. Ethereum enables smart contracts to give birth to an entire sector that we know today as decentralized finance or DeFi. DeFi will create a multi-faceted financial system that increases functionality and helps improve the legacy of the traditional financial system. DeFi alone has recently disrupted the fintech space.
It is clear that India is seeing a dramatic rise in becoming a central hub for blockchain and DeFi. Many experts have indicated that the rise towards global dominance is imminent for India and the surrounding regional areas. With the potential to positively impact so many aspects of Indian society, including improving the overall financial infrastructure, safeguarding national security, deterring financial fraud, strengthening the monetary policy, attracting international capital and even creating more job opportunities, the possibilities for blockchain development and establishment of DeFi are endless. All of this in turn will drive the nation towards becoming a global powerhouse. With this recent exponential growth and potential for a forward-looking crypto policy, it’s clear that blockchain and DeFi technology are here to stay. All eyes are on India as it moves towards becoming the next global powerhouse in the blockchain space.
Disclaimer: This is a company press release. No HT journalist is involved in creation of this content.