Crypto Yes. Crypto No.

Well, at least we know there is no crypto ban in India. It’s a good thing. And that should have been a good enough reason to get more and more people to foray into the crypto space. I know, I know, our market size has grown over 30% in the past 5 – 6 years. The Luna saga, the crypto slowdown and speculations of crypto platforms going bust, and with the most recent development where the ED freezes a Wazirx’s (crypto platform) assets over $8M are some of the reasons why the Fudders go ‘I told you so’.

But, with a population such as ours, we should still have a substantially greater number of people who are investors and a larger volume of those who have the FOMO, but the recent taxes and TDS have hindered the potential of growth of the crypto market in India. Way too many people have stopped trading and investing in cryptocurrencies. There are many who probably are taking the year off. Probably after the first crypto taxes are filed, they might start investing and trading again. The launch of digital Rupee may encourage the younger generation to start looking at cryptos as more than just for trading and investing.

The younger generation is curious and better risk takers in India than the older generation who still believe in the traditional forms of savings, investing and earning a passive income. But as of today, I think we are very conservative, and even if we do partake in the crypto industry, we keep it to ourselves mostly, in fear that if our investments tanks, no one has to know about it and it saves us some embarrassment.

Crypto has the potential to grow exponentially in India. But the government laws and policies, lack of awareness of what you can do with the cryptos has drastically reduced this growth.

Thank you for reading.

This is my entry to the very first contest by the @indiaunited and community for the topic ‘The Current State Of Crypto In India’. Thank you @indiaunited and @leogrowth from @leofinance for this opportunity to win 100 LEO every week.

Image created on CANVA

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