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 three 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 (Jay Hao) 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,” Jay Hao 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 the year 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.
