Ever since the start of 2019, the regulatory authorities in India have adopted a very strict and aggressive stance against cryptocurrencies. Whenever possible, the regulators in India have tried their best to take down cryptocurrencies.
One of the latest low-blows that the regulatory authorities gave to cryptocurrencies in India was the crypto-banning proposal submitted at the Indian Parliament by the Reserve Bank of India (RBI).
Despite all the pressure that the cryptocurrency industry has faced in India, it has still managed to grow tremendously big. The cryptocurrency industry in India is witnessing the highest investment rate compared to all previous years.
The stats show that in the last 12 months, the investments in the cryptocurrency industry in India have increased by 19,900%. The most surprising part is that the regulatory status of cryptocurrencies is still uncertain in India. At this point, no one really knows exactly where the cryptocurrency industry in India is headed.
Ever since the mid of 2020, many on-chain data analytics firms have been monitoring the growing cryptocurrency market in India. As per one of the top analytics firms Chainalysis, the cryptocurrencies investments have gained huge adoption in India since mid-2020.
Ever since the mid of 2020, the cryptocurrency industry has experienced parabolic growth in terms of investments in India. Since the mid of 2020, the cryptocurrency industry has experienced an all-time high in India and the number is still growing.
When looking at the exact figures, the situation becomes clearer as to how serious and widely adopted the crypto-verse is in India. According to figures, the cryptocurrency investment sector in India has grown from $200 million to $40 billion in a matter of just twelve months.
At present, more than 15 million investors in India are exposed to cryptocurrencies. The analysts are predicting that by the end of 2021, the active user count for cryptocurrencies in India would be doubled.
According to the analytical firms, the investment and user base figures could have been tremendously high in India given there were no regulatory uncertainties around cryptocurrencies in the country.
If the situation becomes clearer in India, then the expansion level of cryptocurrency adoption in the country could have been much higher than it is at present. The regulatory uncertainty in the country is still there as the Reserve Bank of India (RBI) is making all the efforts to top crypto-industry from growing in the country.
The RBI was previously found sending notices to local banks in the country to avoid dealing with cryptocurrency-related firms. This action was later ruled out by the Indian Supreme Court, stating that the RBI could not do it because cryptocurrencies are not illegal in the country.