Cryptocurrency is fast becoming the number one choice of Indians owing to the need to have something more stable and less expensive to convert into cash.
Recently, it was revealed that Indians are choosing crypto over their local currency because it costs them more to exchange rupee for other currencies and the Rupee’s value is not stable.
According to OKEx and Coinpaprika, the use of crypto among Indians will rise significantly by 2023.
Adopting something less expensive
More that 17 million Indians are based abroad. In 2018, the money they sent to their loved ones at home totaled over $80 billion. Unfortunately, transaction fees for receiving the money reached $5.67 billion or even more.
As a result, Indians are looking for a way to get money from their friends abroad without spending much on withdrawal. Following the relapse in the ban of crypto in India, citizens and residents now see this as an opportunity to save more since crypto exchanges are way cheaper.
More people living in India have started trading cryptocurrencies since the Supreme Court withdrew its sanction on crypto trading. The Supreme Court’s decision has resulted to more registrations and trades among Indians. Between January and March, OKEx discovered that new registrations rose more than 41 times while trading increased nearly six times.
Crypto Users Don’t Bother about Foreign Exchange Rules
Another reason Indians want crypto first before their local currency is because the Rupee has lost about 7% of its value against the USD since the COVID-19 pandemic started. Foreign exchange regulations have also made it difficult to convert the Rupee to a currency that is more stable.
For this reason, Indians think that cryptocurrencies such as BTC is the answer. Many Indians now use crypto to switch to a hard currency of their choice.