One of the world’s biggest cryptocurrency spot and derivatives exchange, OKEx, alongside
Coinpaprika has launched the India Crypto Market Research Report.
OKEx laid focus on various new markets with a quick surge worldwide from a global
perspective, showing the renewed changes in the global cryptocurrency horizon.
The driving force of India markets can be attributed to 3 major factors, immigrants, finance, and
government policies as one of the fast-growing crypto markets. On demand-side, the first two
bring momentum to the Indian market. On the other hand, policies offer the market possibility to
provide crypto trading related services.
Talking about the report, the CEO of OKEx said, “India has always been a vibrant crypto
market. Adopting its scene to our first market research report also conforms to the current
growth pattern of the global cryptocurrency market.”
“We are pleased to work with Coinpaprika to provide objective and neutral insights to the
market, helping industry players, including crypto exchanges, traders, etc. to better understand
the whole picture of this rapidly changing industry,” he added.
Scilicet cross-border remittance and exchanging foreign currency are two of the most extensive
application scenarios of Cryptocurrency in India. A demand for cross-border remittance is
created by the large population of Indian immigrants around the world. The remittance fees in
India in 2019 were as high as USD 5.67 billion, which forced Indians to find a low-cost way of
cross-border remittances, according to World Bank data.
As the exchange rate between India Rupee and USD keeps rising during the COVID-19
epidemic, the real purchasing power of the India Rupee has nosedived At this juncture, the
Indians must convert their Rupee into a more stable fiat currency. This is where Bitcoin has
become the best intermediary, allowing Indians to bypass strict foreign exchange regulations.