Rise of Bitcoin along with other altcoins.
Image source : Google
While Indian central bank Reserve Bank of India declared demonetization on 8th November 2016 at that time Bit coin was at $700 around and the hype of black marketing of crypto currencies against cash which is about to be demonetize I.e. legal tender notes of INR 1000 and INR 2000 which were biggest legal tender notes and black money of the big giants like politicians, actors, traders, factory owners got this idea to dump these notes against Crypto currencies and people taking these notes against Cryptos was taking notes at huge discounts so they can manage to make it again legal tender by changing it to bank through various sources of small poor people. This is the starting point of rise of Cryptos in India. And having speculation in blood these giants taken effort to pump their holdings.
https://www.forbes.com/sites/krnkashyap/2016/12/22/indias-demonetization-is-causing-bitcoin-to-surge-inside-the-country/
https://inc42.com/resources/growth-cryptocurrency-india/
Ban on transactions through banking.
On 6th April 2018 RBI Reserve Bank of India Ban all banking transactions involving Crypto Currency with deadline of 3 months and thus most active exchanges have to shut their activities in India. And traders and holder being afraid of FUD related 10 years imprisonment just loose their interest in Cryptos with fear. Not being aware of the fact that Government never ever can completely ban Cryptos in India Government is finding a way to regulate it rather to ban it but process of these lengthy task was very slow but I think they will conclude Modi Government always taking citizens voice into note.
And now Cryptos legal in India. Positivity is clearly seen.
Conclusion
India wants Cryptos for sure
- We have core developers more than any countries
- We have investors world can't imagine can invest huge amounts in Cryptos startups
- Indians are big money saver that can help holding
- Indians are speculators Good for volume
- Indians can buy anything as we have lots of money all time
- As Supreme Court remove RBI ban and regulating Cryptos with AML/KYC a huge market for new comers like millions of people to the market for sure.