The humble beginning of cryptocurrencies in India was back in 2013, when a vintage pizzeria in Mumbai started accepting Bitcoin. Since then, Indians’ interest in crypto has only increased, leading to the emergence of many Indian crypto exchanges and a number of businesses that accept cryptocurrencies. Considering there are more than 600 million young Indians, it’s palpable that adoption of technology and global trends (including crypto investment) happens at a fairly healthy rate.
However, the Indian economy runs on top of complex financial regulations which has far-reaching impact on the crypto investor sentiment in the country. In the midst of complex regulations and inherently volatile market, the crypto scene thrives and comes with additional India-specific issues.
In this piece I’ll show you the nuances of the Indian market and why virtual currencies can actually accelerate the growth of digital India by working seamlessly with something known as ‘India Stack.’