- 22 Apr, 2020
Governments along with central banks around the world are ready to flood the market with newly printed cash to fight the economic devastation wrought by the coronavirus pandemic. More than half a billion people around the world could be pushed into poverty by the economic fallout of coronavirus spread. India's national 40-day lockdown ends on May 3, potentially making the country's economic crisis more dangerous than the coronavirus pandemic itself.
Amidst these economic crises, bitcoin and crypto investors have a lot to feel bullish about. Bitcoin and other digital currencies have returned to limelight in the recent weeks, despite the volatile bitcoin price. The Supreme Court’s decision to allow trading in cryptocurrencies filled in fresh enthusiasm among the traders as well as old and new crypto investors.
Cashaa, the most popular crypto banking services platform in India saw its trading volume jumped by 800% in just two days of lifting the cryptocurrency ban, thus facilitating cryptocurrency transactions in India. Since the ban has been lifted, three in every four people in India with some understanding of cryptocurrencies have invested in them, according to a P2P survey agency. WazirX, Indian cryptocurrency exchange also recorded its daily volume grow by over 70 percent during March 2020.
As India continue to struggle with record high unemployment rate owing to coronavirus pandemic, emergence of cryptocurrency businesses will potentially spur job creation and support economic activity. India can prove itself as the centre of innovation and technology in the area of virtual currencies. With a population of over 1 billion, the Indian market is a sleeping giant and Reserve Bank of India’s lifting of cryptocurrency ban will provide massive thrust to the adoption of virtual currencies in India.