Ever since the Supreme Court lifted the ban on cryptocurrencies in March 2020 there was a new lease of life to the overall cryptocurrency ecosystem in India. Experts speaking to THE WEEK had mixed views regarding the future of cryptocurrencies in India post the lockdown.
This is what our CEO, Nischal Shetty had to say.
“The lockdown had led people to buy crypto for the first time. Moreover, due to its deflationary nature, Bitcoin is emerging as a popular alternative asset class in economies with high inflation. Such countries including India are seeing higher crypto demand and trading volumes than usual. We are seeing steady growth in our signups. Our trading volume is growing at an average rate of 66 percent every month. There are about 5 million crypto users among a population of 1.3 billion people. India is a sleeping giant, and just getting started,” said Nischal Shetty, CEO, and Founder, WazirX.