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 India
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.