Crypto has gained steam in the last couple of years as millions of investors in India turn to the digital currency. In a country where gold has been the top choice among investors, a shift to crypto is seen as a major step in the digital currency revolution.
The fact that Indian households own more than 25,000 tonnes of gold is a testament to the precedence enjoyed by the precious metal in the country. Nevertheless, crypto has managed to attract a growing number of investments in India.
A statement from Chainanalysis shows that crypto investments in India grew from $923 million in April 2020 to about $6.6 billion in May 2021. The blockchain data firm also mentions that India ranks 11 out of 154 nations in terms of cryptocurrency adoption.
A change in outlook
In April 2018, RBI shut the doors on the digital currency with a blanket ban that prevented banks from facilitating any cryptocurrency-related transactions.
However, in March 2020, the Supreme Court of India…