How was 2021 for cryptocurrency in India? What to expect in 2022!

2021 was quite an eventful year for cryptocurrency in India, and there was more than what meets the eyes. According to a Cryptocurrency development company, for the year 2022, it can be predicted that there can be some terrific developments, with the crypto industry witnessing high trade volumes with all-time high prices. With the upcoming cryptocurrency regulation bill, there will be accountability and transparency standards for setting up crypto exchanges in India.

What kind of crypto developments was witnessed in the year 2021?

Offering a lucrative mode of earning money, cryptocurrency trading in India, positive regulatory environments were created in the crypto markets and people’s interests around crypto have skyrocketed as well. In the category of cryptocurrency there was positive Token development which was also witnessed by the Indian crypto industry.

Key takeaways –

·         Bill banning private cryptocurrencies was to be introduced in the parliament.

·         Cryptocurrency regulation bill to be introduced in the winter session which is currently in process.

·         The bill is expected to regulate digital asset trading in India and permit crypto investments and trades.

·         India might be getting it’s very own CBDC (central bank digital currency), smart contracts, Bitcoin, tokenization, etc.

After the crypto trading ban was lifted by the RBI (Reserve Bank of India) in March 2020, there was a surge of Indian crypto exchanges and new user registrations on the exchange platforms. With the surge of exchanges, there was a rise in trading volumes that continued in 2021. India has successfully managed to become the second-highest crypto adopter, although there was a lack of clarity regarding crypto regulation in India, huge price volatility of the digital assets was also witnessed by the industry.

What developments can be expected in 2022?

The year 2022 could bring in more opportunities, and we can expect to see more crypto trading solutions that could make for cheaper decentralized trades. Once the bill is passed in the parliament in the winter session, there will be more regulatory clarity, followed by growing institutional adoption of the assets.

Key Takeaways –

·         Cryptocurrencies to be categorized in a new investment class and generate more investor interests.

·         Investors could be able to handle high volatility with ease and trades could be a highly rewarding game.

·         With regulations in place, new trustworthy trading platforms could mushroom every day to help traders invest and comply on the tax front.

·         There could be more focus on blue chips, mid-caps, and penny coins.

Indian financial institutions might match up with the regulatory instructions, however, the most happening trend of all could be the growth of the metaverse and a digital ecosystem that was obviously felt this year. 2022 may bring in opportunities to spend more time in the metaverse, NFT’s creation, DeFi developments, and evolution of the GameFi platforms as well.  

Cryptocurrency trading and Crypto Exchange development in India have witnessed a huge change over the past decade and blockchain technology have helped transform the medium and will still continue to do so in 2022 as well. Experts have predicted that with the potential growth of the digital assets there might be an upward swing.