Despite ongoing uncertainty around India’s regulation of digital currencies, Indian users are going crazy for crypto, with investment growing from $200 million to nearly $40 billion over the past year. According to blockchain forensics firm Chainalysis, that’s a 19,900% increase.
As the data shows, India’s confidence in crypto isn’t impacted by its government’s stance on digital currencies. In fact, there have been some positives from a regulatory perspective over the past few months, with India’s finance minister Nirmala Sitharaman denying the possibility of a blanket ban on crypto. She further clarified that the government will take a “calibrated” approach to crypto trading, with ongoing “negotiations and discussions” with the Reserve Bank of India.