Why India could be the next crypto hub

The Supreme Court of India opened the door to cryptocurrency in May of this year – if only by a crack. Not long before, in March, India’s highest court overturned a ban on cryptocurrencies that the Reserve Bank of India (RBI) put in place in 2018. These pivotal actions have freed up the market for cryptocurrencies and generated much enthusiasm among Indian investors.

Nischal Shetty, CEO of local crypto exchange Wazirx, said at the time, “Today’s a historic day for the entire Indian crypto ecosystem. This positive judgement will open doors to massive crypto adoption in India. It proves that we can now innovate, and the entire country can participate in the blockchain revolution.”

His enthusiasm was echoed in the Indian Parliament; “Cryptocurrency is inevitable,” MP Subramanian Swamy said.

Now that the door is ajar, what’s next? Will cryptocurrencies gain traction in India? What will drive market adoption there? What should crypto leaders be thinking about when entering this market?

Here are four key forces driving crypto adoption in India:

Source Link