WazirX Records Huge Trading Volume in 2021 Despite India’s Regulatory Uncertainties
The Indian cryptocurrency terrain has been interesting in recent months due to the regulatory uncertainties. However, cryptocurrency exchanges in the region continue to record impressive numbers.
WazirX Reports $43 Billion as Annual Trading Volume
WazirX, the largest cryptocurrency exchange in India, reported $43 billion as its trading volume in 2021. The crypto exchange revealed this figure two weeks into 2022, indicating the massive growth recorded over the past few months.
According to the Binance-owned crypto exchange, the $43 billion reported in 2021 represents a 1,735% growth from 2020. Thus, indicating that Indians have increased their appetite for Bitcoin and other cryptocurrencies.
The exchange said, “We witnessed over 700% growth in signups from smaller cities like Guwahati, Karnal, Bareilly, among others. It shows growing crypto adoption in the semi-urban and rural India.”
Most of the investors are below 35 years of age, a figure that doesn’t come as a surprise. WazirX said, “Only 11% of respondents in the age group of 51 years and above said to have allocated over 50% of their total portfolio to crypto whereas the same is true for 29% of respondents in the age group of 18-24 years. 66% of WazirX users [are] below 35 years of age.”
Crypto Remains Popular in India Despite Regulatory Uncertainties
This latest report indicates that Indians have a great appetite for cryptocurrencies despite the regulatory uncertainties. The Reserve Bank of India had sought to ban cryptocurrency transactions numerous times in the country. However, it failed as the Supreme Court overturned the order issued earlier this year.
The Indian government is currently working on a bill to regulate cryptocurrencies instead of an outright ban. According to numerous reports, the government is in talks with the cryptocurrency community on how to properly regulate the market.
WazirX said cryptocurrencies have served as a beacon of hope for Indians in these troubling times. “During these uncertain times [of coronavirus pandemic], crypto has not only enabled common people with new ways to earn online but also fought the pandemic with the Indian crypto community stepping forward to help our country,” the exchange added.