In the past few years, we have seen a quick rise in digitization.
Schools, offices, banks everything has now digitized.
In 2020, There were more than 749 million internet users in India, that is approximately 58 percent of the total population of the country.
But what percent of them feel safe to use online banking?
What percent of them are aware of the use of the internet for money transactions?
Online Banking in India
In 1998, ICICI Bank introduced internet banking in India.
But at that time, everyone was not familiar with the internet.
Most of the people in rural as well as urban India were unknown to the computers and internet.
But the number of internet users started to increase in India with time and that gave the chance to e-banking.
But the real growth of online banking and online payment methods like paytm and google pay took place in 2016, when demonetization was suddenly announced by the Government of India.
And now after the pandemic and lockdown, India has seen a rapid increase in the number of people using online methods of transaction.
But the number of internet users started to increase in India with time and that gave the chance to e-banking.
But the real growth of online banking and online payment methods like paytm and google pay took place in 2016, when demonetization was suddenly announced by the Government of India.
And now after the pandemic and lockdown, India has seen a rapid increase in the number of people using online methods of transaction.
How is the Concept Cryptocurrency Related to Online Banking?
Cryptocurrency means digital cash, which is stored over the internet, and all the transactions of crypto takes place over the internet only.
Crypto is a way of storing your money on the internet in the form of coins.
As, internet is thoroughly involved in the use of cryptocurrency, we can say that crypto currency is very much related to Online banking.
Cryptocurrency means digital cash, which is stored over the internet, and all the transactions of crypto takes place over the internet only.
Crypto is a way of storing your money on the internet in the form of coins.
As, internet is thoroughly involved in the use of cryptocurrency, we can say that crypto currency is very much related to Online banking.
Know more about cryptocurrency here.
Growth of Cryptocurrency in India
In the last two years, India has seen a rapid rise in the use of cryptocurrency.
There was a time when the Reserve Bank of India completely banned the use of crypto in India, but later the ban was overturned by the Supreme Court.
And Since then, The usage of crypto as an asset is increasing every day.
A study found out that before 2020, there were only 50 new crypto users per day, but in 2020, this number increased to about 1200 new crypto users per day.
The prices of cryptocurrency have been increasing continuously in the Indian market.
In the last two years, India has seen a rapid rise in the use of cryptocurrency.
There was a time when the Reserve Bank of India completely banned the use of crypto in India, but later the ban was overturned by the Supreme Court.
And Since then, The usage of crypto as an asset is increasing every day.
A study found out that before 2020, there were only 50 new crypto users per day, but in 2020, this number increased to about 1200 new crypto users per day.
The prices of cryptocurrency have been increasing continuously in the Indian market.
But still , the country with a population of 1.3 billion contributes only 3-4 percent of the global market of cryptocurrency.
Do Indian People Have Knowledge of Cryptocurrency?
Some percent of the population are well aware of the cryptocurrency and in fact, they are buying and investing (do you know both of them has a different task to do? know here) in it too while there is also a population of people who are unaware of the term cryptocurrency.
According to a study, about 83 percent of urban population in India are aware of cryptocurrency, but only 16 percent own crypto.
Some percent of the population are well aware of the cryptocurrency and in fact, they are buying and investing (do you know both of them has a different task to do? know here) in it too while there is also a population of people who are unaware of the term cryptocurrency.
According to a study, about 83 percent of urban population in India are aware of cryptocurrency, but only 16 percent own crypto.
And all these crypto holders are from metro cities.
Cryptocurrency in Rural India
Rural India involves a major population of Indians.
Rural India involves a major population of Indians.
There are many remote villages which lack internet.
A large percentage of them are unknown to the use of online payments as well.
Some people don’t trust these online platforms, so they are afraid that they may lose their money.
Some people don’t trust these online platforms, so they are afraid that they may lose their money.
Some are not educated enough to manage online accounts.
Cryptocurrency in Urban India
In towns and big cities, most of the people use online methods for transactions.
In towns and big cities, most of the people use online methods for transactions.
A good population of them is aware of the use of cryptocurrency as well.
But only the age group of 21 to 35 has the people who are interested in owning or investing in cryptocurrency.
Some people are there who are doubtful of the existence of cryptocurrency.
Some people are there who are doubtful of the existence of cryptocurrency.
As cryptocurrency is digital, the user doesn’t own anything physically, so they are unsure of investing their real money in a digital asset.
The Indian Government has not said anything about the acceptance of cryptocurrency yet.
The Indian Government has not said anything about the acceptance of cryptocurrency yet.
This led to a suspicion among some citizens about the use of crypto as a currency.
Future of Cryptocurrency in India
Now, with the passage of time, awareness about cryptocurrency is increasing among the Indian people.
Future of Cryptocurrency in India
Now, with the passage of time, awareness about cryptocurrency is increasing among the Indian people.
As a result, The crypto users have been increasing day by day.
Prices of cryptocurrency in the market are expected to increase more and more.
The Reserve Bank of India is expected to issue a digital coin and the central bank is expected to regulate it.
But, somewhere, there are some assumptions, that A Bill by the Central Government is going to prohibit all the private cryptocurrencies, with some exceptions.
Growth of Online Banking took a very long time in India, But it is expected that, if the scenario remains unchanged, then by 2030, Indian market of cryptocurrency may reach upto $241 million.
So, Cryptocurrency can be believed to be a powerful milestone for the position of the Indian market in the global economy.
Written By: Nidhi Jha
Prices of cryptocurrency in the market are expected to increase more and more.
The Reserve Bank of India is expected to issue a digital coin and the central bank is expected to regulate it.
But, somewhere, there are some assumptions, that A Bill by the Central Government is going to prohibit all the private cryptocurrencies, with some exceptions.
Growth of Online Banking took a very long time in India, But it is expected that, if the scenario remains unchanged, then by 2030, Indian market of cryptocurrency may reach upto $241 million.
So, Cryptocurrency can be believed to be a powerful milestone for the position of the Indian market in the global economy.
Written By: Nidhi Jha
Edited By: Komal Jha
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