India going to the moon with massive spike in crypto investment
Despite ongoing uncertainty around India’s regulation of digital currencies, Indian users are going crazy for crypto, with investment growing from $200 million to nearly $40 billion over the past year. According to blockchain forensics firm Chainalysis, that’s a 19,900% increase.
As the data shows, India’s confidence in crypto isn’t impacted by its government’s stance on digital currencies. In fact, there have been some positives from a regulatory perspective over the past few months, with India’s finance minister Nirmala Sitharaman denying the possibility of a blanket ban on crypto. She further clarified that the government will take a “calibrated” approach to crypto trading, with ongoing “negotiations and discussions” with the Reserve Bank of India.