Fri, March 01, 2024

Future of the Cryptocurrency Industry in India

One of the largest carriers in the country, india

The local cryptocurrency industry has to deal with challenges. However, the crypto industry in India has the potential to make life easier for the residents of the second-most populous country in the world. There are several factors that may help to make the crypto part of everyday life.

For example, the country leads the globe in terms of remittances. This is just one of the examples. Moreover, it has a national fiat currency that is depreciating and unstable. Furthermore, the government of India relaxed its policy towards the cryptocurrency. All of the factors stated above made the country even more attractive to local as well as foreign companies.

A report prepared by exchange OKEx and research platform Coinpaprika mentioned the positive tendency regarding the volume of cryptocurrencies traded on India’s crypto exchanges.

Crypto industry and immigrants from IndiaThe future of the local crypto industry

It is worth mentioning that, India has the world’s largest population outflow. Moreover, a large population of immigrants can generate enormous demand for remittances to the nation. Last year, more than 17 million Indians sent money back to the country.

Interestingly, when it comes to the total amount of money sent back to the country, Indian immigrants continue to send billions of dollars. Moreover, Indians send more money than any other immigrants.

According to the information provided by the World Bank, in 2019 immigrants from India sent billions of dollars to the families. A World Bank estimate shows an estimated $83 billion was sent by immigrants from India.

Moroever, for more than 10 years India is the world’s top recipient of migrant remittances. However, fees for remittances made as small personal transfers are high. Even though remittance fees in India are slightly below the global average. Nevertheless, the high demand makes the Indian market ripe for a cheaper and faster alternative. Currently, Indian immigrants are paying very high fees in transactions and conversions. Indians will benefit from the use of cryptocurrencies when sending money across the world.

YOU MAY ALSO LIKE

Tractable raises $60M to grow in accident recovery

Quick Look Initiation of RT-X Project: Launched in 2023, this global collaboration

China

Quick Look China’s GDP growth has reached a 30-year low amidst a

Canadian Dollar skyrocketed

Quick Look USD/CAD trades sideways around 1.3570 amidst mixed economic signals. Key

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

MyFlashFunding Partners with ASIC-Licensed Brokers

MyFlashFunding, based in the US, today (Monday) disclosed its collaboration with an ASIC-supervised broker for its global clients. The ASIC, a leading authority in financial regulation, oversees this broker. Despite the announcement, the

BROKER NEWS

Broker News

MyFlashFunding Partners with ASIC-Licensed Brokers

MyFlashFunding, based in the US, today (Monday) disclosed its collaboration with an ASIC-supervised broker for its global clients. The ASIC, a leading authority in financial regulation, oversees this broker. Despite the announcement, the prop