Indians are spending millions daily on Cryptocurrency trading. This is because of the large number of advantages of investing in Cryptocurrency like never before. There are a high profit margin as well as risk-free nature of the Cryptocurrency trade. Indians are using their hard-earned money to buy and sell the Cryptocurrency like gold and silver. The use of Cryptocurrency is predicted to expand in the near future in India, as the government begins to legitimize it.
The first step in this regard is to regulate its use within the country. The government is trying to make the Cryptocurrency industry more transparent by labeling the relevant information and regulating its use. The Cryptocurrency market was banned in the beginning, but recently it was allowed once again. It has received a boost from the central government and is expected to gain more popularity in the future.
There is also a large number of investors who are trying to move their money into the industry. It is reported that there are over $1.5 billion worth of investments currently in Cryptocurrency trade in India. This indicates that there is a high demand for investment in this sector among Indians. This is mainly because of the large population in the country. The people here are also aware of the risks involved in the investment.
The demand for investment is further encouraged by the current economic scenario in the country. There is an increase in the value of the Rupee, which is appreciated by the Indian consumers. The Rupee has weakened quite a bit against most of the major currencies due to the global recession. The weakening of the Rupee has made currency trading quite difficult for the Indians. However, the Government has recently devalued the Rupee to restore the investor confidence in the market. The main factor behind the devaluation is the fears of inflation in the country.
Due to the weakening of the Rupee and high inflation in the country, users of Cryptocurrency are losing confidence in the economy. They are withdrawing their investment from the market. This trend has increased with the daily usage of the mobile phones in the country. The usage of the phones has affected the usage of the credit card as well.
The daily spending millions of dollars by Indians in Cryptocurrency trading can be attributed to the high usage of the credit cards and the low usage of the debit card. Indians are also aware of the risks involved in the foreign exchange market. They are taking precautionary measures to avoid the risk of investment in the market. Thus, the overall economic status of the economy shows a positive sign and the investors are starting to invest again in the Cryptocurrency market.