Indians are moving to digital assets because of excessive remittance fees and the struggle of swapping INR with another currency.
As per a new report, the snowballing demand for cryptocurrencies in India is driven by the necessity for lesser remittance fees and a more stable currency.
OKEx, the popular crypto spot and derivative exchange, in partnership with Coinpaprika studied the Indian crypto bourses. They projected that the worldwide portion of cryptocurrency transactions in India will upsurge expressively in the ensuing 2 years.
Notably, as per an estimation, there are more than seventeen million Indian citizens working outside the country. They allegedly sent over eighty billion USD worth of INR back home in 2018. Interestingly, these individuals collectively shelled out over five billion USD as transaction fees to mediators who facilitated the settlement.
The excessive transaction fees are compelling Indians to seek other ways to direct money back to their home nation. Furthermore, the aforementioned report mentions that, with relaxing limitations on cryptocurrency and digital asset usage in India, the country might soon turn out to be the next Mexico. It is to be noted that, at Mexico, the Bitcoin exchange Bitso has by now seized over 2% of the US-to-Mexico remittance market.
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