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go through&nbspClark

Encryption regulations have been discussed for a long time in India. Although the country is still struggling to adopt the final cryptocurrency exchange bill, the market is gaining popularity among local cryptocurrency enthusiasts in the country. This is especially true for the country’s tech-savvy younger generation.

Recently, as one of the largest cryptocurrency exchanges in India, WazirX announced that it has achieved an amazing year in terms of user base. According to the exchange, it has witnessed unprecedented activity.

This includes traders from small cities in India. Even with so many difficulties, they have successfully become part of the crypto trading industry. WazirX is a very famous cryptocurrency exchange in India, headquartered in Mumbai. This is actually an affiliate of Binance, one of the world’s largest cryptocurrency exchanges.

According to WazirX’s official report, the exchange’s annual trading volume is very high, exceeding $43 billion. Compared with the data in 2020, this is a huge increase, an increase of more than 1,700%.

Increased demand in rural areas

The company noted that one of the most important developments for cryptocurrency exchanges this year is its popularity among retail traders in small towns in the country. As the company’s statement shows, the number of registrations from small cities in the country has increased by more than 700%, including Guwahati, Kanal, etc.

According to the company’s representative, this just shows how popular the crypto industry is in India and how useful this market is to people living in semi-urban and rural areas of India. Another very successful aspect of the exchange is that it provides its customers with a large number of cryptocurrencies and cryptocurrency pairs for trading.

That said, Invest in Bitcoin It is still the most popular among cryptocurrency exchanges because of its amazing performance throughout 2021. In terms of popularity, Bitcoin is close behind. Other very popular cryptocurrencies on WazirX include DOGE, SHIB, etc.

The report released by the company also indicated that retail investors in India are particularly interested in cheap and more volatile cryptocurrencies, especially cryptocurrencies like DOGE and SHIB. The reason behind this is not difficult to understand.

Such a cheap but unstable cryptocurrency provides crypto traders with the opportunity to profit without spending too much time in the market. However, at the same time, they are often very dangerous. The same trend can be seen in other parts of the world.

The reason behind the popularity of encryption

The report also pointed out that unstable meme tokens are mainly traded by men. On the other hand, according to the report, most women choose to withdraw from Bitcoin. The company also pointed out that by 2021, the number of female investors has increased dramatically, reaching 1,009%. As for the number of male investors, it increased by 829%.

According to WazirX, most people using cryptocurrency exchange services are under 51. The number of traders over 51 is only 11%. The company also claims that more than 66% of users are under the age of 35. There are many reasons behind the popularity of digital assets around the world.

One of the main reasons may be the Covid-19 pandemic, which forces many people to find additional sources of income. The report also claims that as more and more people start to talk about cryptocurrency, it has successfully become an alternative asset class that can provide many things for individual investors.

Despite the country’s lack of regulatory clarity, the cryptocurrency industry has achieved significant growth in India. The government of this country has been committed to the encryption bill for a long time, but it seems that there are still many problems related to it.

As cryptocurrencies continue to be popular in India, the government and the country’s central bank still hold a negative attitude towards the idea of ​​further developing digital assets. WazirX representatives pointed out that they believe that the government will regulate rather than ban cryptocurrencies.

In fact, representatives of crypto exchanges believe that the regulations passed by the national government will support the development of the crypto industry rather than restrict it. They pointed out that the support of regulations is very important to ensure that India becomes one of the world’s leading countries in encryption adoption and development.

However, it is not clear how the Indian government will decide to regulate the cryptocurrency industry. Government representatives pointed out that the bill that should have been voted on during the winter session of Parliament is not yet ready for hearing.

According to them, the hearing is likely to be held after some amendments to the bill and will be submitted to Parliament in February.

Clark

Technical director.



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