March 4, 2020, was a historical day for India’s cryptocurrency community. The Supreme Court struck down RBI’s ban that forbade business transactions between cryptocurrency exchanges and banks.
Additionally, banks across India are to allocate separate accounts for digital asset traders, investors, and exchanges. As a consequence of this remarkable judgment, crypto activity surged through the roof (also, because of the COVID- 19 lockdown).
Investment interest is at an all-time high because it is totally safe to buy crypto assets in India. Cryptocurrency trading is legal as long as it happens on reputed, registered, and legal exchanges.
But still, if you don’t feel safe buying digital assets in India, talks, and discussions from a recent webinar and the latest market performance statistics should clear up the air for you.
Former DEA Chief Suggests Regulating Cryptocurrencies as Commodities
A webinar hosted on July 17, by blockchain analytics firms CREBACO, reputed Indian law firm Khaitan and Co. saw Subhash Chandra Garg, former department of economic affairs (DEA) secretary voice his opinion on possible regulations for cryptocurrencies in India.
In a welcome move, Garg who headed the Inter-Ministerial Committee on virtual currencies suggested that crypto assets could continue to stay relevant as legally regulated commodities like precious metals, oil, etc.
He didn’t seem to have any reservations with people buying cryptocurrencies. This was the first conversation between Indian crypto community representatives like WazirX founder and CEO Nischal Shetty and an ex-government office-bearer.
From what it seems, cryptocurrencies harbor healthy growth prospects in India, buying them is totally safe. But what about market performance?
Cryptocurrency Market is Booming
Bitcoin and all other crypto assets have come out as winners despite the coronavirus pandemic. The entire digital asset market has grown by 90 percent since the beginning of the year!
That’s almost a 2X growth in just a considerably short period of 8 months.
Cryptocurrency Market Growth YTD (Year-to-Date), Source: CoinGecko
People across the world are moving away from equity-based investment options like stock, bonds, funds, and moving into the cryptocurrency space. But why?
In exchange for a little increased risk due to the inherent volatility, digital assets provide higher returns on the amount invested.
In the last 10 years/ decade bitcoin (BTC) has generated an ROI of almost 19 million percent for investors! Is there any other fund or investment option that can make this amount of wealth? Don’t think so.
Cryptocurrencies have proved to be awesome in preserving the value of invested capital. This should eliminate any doubts regarding the safety aspect of investing in digital assets in India.
Where Can You Buy Your Preferred Cryptocurrency In India?
There are several cryptocurrency exchanges in India from where you can buy the cryptocurrency of your choice.
But, if you want a seamless crypto buying experience that saves you a world of hassles, head toWazirX.
The exchange is community-centric and has garnered a terrific reputation for being the go-to place for buying any and every cryptocurrency in India.
WazirX is India’s most secure cryptocurrency exchange. The team performs regular security audits to ensure that the platform is safe enough to buy and trade crypto assets.
WazirX can handle ‘millions’ of cryptocurrency transactions. The infrastructure is capable enough to scale up in a few seconds to match surging demand.
Something that you definitely need to buy your preferred cryptocurrency, especially in India, where there are millions of traders.
Functional and User-Friendly Design
Cryptocurrency trading on the WazirX platform is a super-fast experience. The creators have already built technologies that are used by millions globally.
That experience has helped made WazirX a feature-rich but efficient crypto exchange.
Built by Blockchain Believers
WazirX is powered by a team of hardcore traders & passionate blockchain believers.
Now Available Across 5 Platforms
Opportunity to Own WazirX Token (WRX)
WazirX token or WRX is WazirX’s native cryptocurrency token. By owning WRX you can earn rewards (in WRX) by executing crypto trades.
Also, in the future, WRX will prove useful in availing trading fee discounts, paying for margin fees, and more.
An Amazing Referral Program
With WazirX’s trade commission program, you can earn as much as you want. You can refer your friends and earn a 50% commission on every trade they make. All commissions are credited within 24 hours.