In the past few years, the cryptocurrency business in Asia has gone sky-rocket. Countries like China, Hong Kong, Japan, and Russia as well have started investing more and more into the cryptocurrency industry. And now India, which is the second-largest populated country in the world, has started making its name in the crypto-world.
Although, many first world countries would find it hard to believe, but India has a lot of following when it comes to cryptocurrencies. One of the oldest and most popular cryptocurrency exchanges known as Unocoin aims to back the claim with stats.
Just recently, the CEO and co-founder of Unocoin, Sathvik Vishwanath talked about the growth of the cryptocurrency industry in India. He also commented on the role that the Indian Government has played in the cryptocurrency world in the last couple of years.
Talking about the growth of the cryptocurrency industry in India, Vishwanath quoted the feedback their exchange has been getting. He stated that in the current year, their exchange has experienced a 10x increase in user growth. When it comes to trades, the exchange has experienced a 5x increase.
He also stated that their exchange is adding hundreds of unique users on a daily basis. This goes on to show how much the Indian population is into investing and trading through cryptocurrencies. Vishwanath stated that the majority of the users range between $300 to $500 when it comes to selling, buying, and investing in cryptocurrencies.
He stated that this number will definitely go up as customers gain more experience in the crypto-investments. Another important aspect is the customer gaining the necessary education in crypto-currencies that Unocoin already offers to its customers.
Vishwanath stated that 60% of its customers are based between the ages of 20 and 40. Unocoin also has around 2,000 merchants who are doing trades in cryptocurrencies. As per sources, the exchange currently has more than 1.3 million unique users. Vishwanath stated that so far, they have more than 300,000 confirmed investors who are investing more than $135k on a monthly basis.
Vishwanath also shared his concerns around the Indian Government’s conduct towards the cryptocurrency industry. He stated that every no-and-then, the Indian Government announces that they will be deciding in the parliament whether to put a ban on cryptocurrencies in India or not and every time the decision gets postponed.
He stated that because of these rumors and news of cryptocurrencies getting banned, India is not able to grow its cryptocurrency industry to its full potential. People are hesitant in investing in cryptocurrencies because of the uncertainty.
Therefore, the Indian Government needs to give its final verdict on this matter and clear out the gray-area once and for all.