Crypto Trading Is Heating up in India’s Smaller Towns
Cryptocurrency trading was once relegated in India to the major cities of Mumbai and Delhi, but now smaller cities have become the new hubs for crypto markets.
There is a surge of cryptocurrency trades in Pune, Lucknow, and Jaipur- some for the unexpected places where this kind of market has begun to thrive. In the next ten years, the crypto market in India may increase its growth by $15 billion. It is currently at $1.9 billion and growing rapidly, evidenced by the surge in trading activity happening outside of the major cities.
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The reason behind the move to smaller trading locales is likely because of the waning job markets in those areas. Economic pressure has caused many Indians to lose their jobs and countless more to feel pressure on them that could lead to their being laid off soon. But the crypto trading market can operate regardless of the local economy, since it is a global market.
There is a boom of cryptocurrency trading in India, and much of it is taking place outside of the major cities. The surge is being pushed primarily in India by those smaller towns that were not part of the conversation not long ago.
The Government Pushes Back
India is home to omen very strict cryptocurrency trading guidelines, and that taxes for trading are high there as well, but that has not stopped India from becoming a worldwide powerhouse when it comes to the trading market. This market in particular has flourished recently as the government there cracks down on derivatives trading.
What we have seen happen as a result is that the four major cryptocurrency exchanges have seen growth in India throughout the last year. The bulk of the trading is happening in non-metro areas. As cryptocurrency trading and value climbed very high in November and December of last year, India was not left out, and trading for Ethereum (ETH) and Bitcoin (BTC) increased to $1.9 billion during those months.
Investors in India expect that government regulations will become even stricter and taxes will increase to help cover the cost of a tight economy. However, those issues may not put much of a stop to the high volume of crypto trading happening in India now and in the months to come.
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