With rich rewards, you can always have more significant risks, and similar is the story of digital currency. Yes, the reasons are the same; they are highly volatile. It surrounds too many uncertainties in the segment. However, the boost in the digitalization, good framework and high end in dealing with the same can help in boosting up the investment reaching to around 10 million Indians.
Cryptocurrency Industry
Many global digital currency based exchanges can offer too many more benefits to gain. More often, we can see that the daily trading volume has witnessed a good drop in prices in the recent past, and several investors are now looking for the value of buying.
As we see, the mania for digital currency in the market is increasing, Indians are also gearing up high to take a plunge in the market. The recent announcements in the budget about coins getting taxed is interesting to explore. You can explore things in detail to know about on sites like https://1kdailyprofit.app/.
What drives you the best in digital currency exchange in the Indian market?
In 2019, we saw the digital currency platform from the country getting a merger with Binance, which remains the biggest in the world. Now, we see a couple of exchange-based platforms in India gearing up, including the startup called Coin DCX that remains very much secured when it comes to investment.
The digital currency and Blockchain-based company has attracted a massive investment that has touched around 100 M USD on June 21. Earlier it was in the nineties in 2020, and in the last two years, the global market cap of the Indian crypto industry has gone beyond 1487 per cent.
So despite the ups and down in setting up a policy against this coin, we see many more factors playing a good role in boosting the digital currency industry.
The technology-savvy population
As per an estimate, India has a population of around 1.40 B of young people who are technology savvy. The older generation is interested more in investing in gold and real estate, but the younger generation is inclined towards the affluent ones.
They are good at investing in high risk and high reward zones called crypto. We have seen India ranking as the 11th in the world on the listing of crypto-based products that showcase the accurate picture of the young population. We have a semi-friendly attitude of governments inclined towards the rumour that moves around digital currency.
It has shaken the confidence of people around the market of digital coins. Also, we see India giving very affordable internet-based services in the world. Thus, the data cost remains too low compared with the US and other places.
The rise of FinTech companies
Many companies have embarked on the market of crypto. These include the companies like CoinSwith, ZebPay, WazirX and CoinDCX, to name a few. These digital currency-based exchange platforms are known for their security and even remain accessible over the different platforms, giving away instant transactions.
These offer a good interface for digital currency enthusiasts when buying or selling virtual assets without any limit. Many more platforms accept the Indian currency as the buy and sell coins. And these come along with 0.1 per cent. WazirX remains one of the competitive names in the digital currency exchange, and it has around 900K Users, and these offer the best P2P transaction capabilities.
The mixed government response
We have seen many more legislative bills against the ban on digital currencies. These are further going to add the criminal thing that has possessed things like trading, mining, insurance, and digital currency transfer. However, we can find too many companies, including the investors, are now seen coming along with the planned way. The country has a mixed response to digital coins.
Thus we see it is going up and down simultaneously, with its recent announcement on adding tax to the government. Also, the Supreme Court has added the intervention in allowing the digital currency to become part of the game. With time, things will be clear as to how Bitcoin or any other digital coin will prosper in the digital currency world in the country.