The Central Bank of India may have restricted banks from operating with Cryptocurrency exchanges but the public interest on Bitcoin is higher than ever.
Google India released the top search trends of the past year on December 12th where the question “How to invest in Bitcoin” ranked fifth in the “How To” queries.
Here are the Top Searches:
India not only has the largest youth population in the world but also has a booming internet market. So naturally, there has been a lot of interest in Cryptocurrencies like Bitcoin. Even though India does not have large volumes when it comes to Crypto trading there is enormous traffic coming from the country to Crypto related queries and websites.
Tough Regulatory Scenario
One of the reasons why there is not much trading activity going on in India is because of the fear and uncertainties around regulations on Cryptocurrencies.
The Reserve Bank of India banned all the banks from dealing with Cryptocurrency related exchanges and businesses back in April this year. The liquidity in many of exchanges dried up after the ban causing a lot of panic among users. Currently, some exchanges are enabling trading through P2P transfers or innovative ways using stable coins.
The general sentiment among Indian citizens is that Bitcoin is used for money laundering or for other illegal activities. Due to misinformation spread by the mainstream media a lot of people even think that the government has completely banned Cryptocurrencies which is not true.
This has not stopped Indian developers and entrepreneurs educating themselves and building on public and private Blockchains like Ethereum/Hyperledger. A recent report shows that India has the second largest base of Blockchain developers in the world after the United States.
Clearly, there is interest in India for Cryptocurrencies and Blockchain technology, especially by the Millenials. Due to regulatory hurdles Cryptocurrencies haven’t reached mainstream yet but when it does there will be a booming Crypto ecosystem in India just like the internet.
Thank you for reading the article. Wishing you a very Happy New Year from team Blockmanity 🙂
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