India Cryptocurrency Market (2023-2029) | Analysis, Trends, Size, Forecast, Revenue, Value, Industry, Share, COVID-19 IMPACT, Growth & Companies

India Cryptocurrency Market Highlights

Report Name	India Cryptocurrency Market
Base Year	2022
Historical Period	2019-2022
Forecast Period	2023-2029
Growth Rate (CAGR)	9.87%
Report Coverage	Revenues & Volume, Market Trends, Drivers & Challenges, Market Forecast, Market Share
Segment Coverage	By Offering, By Process, By End User, By Type
Customization Scope	100% customized reports available along with reliable data. Moreover, you can alter the segments, countries, and regions according to your needs. For further details, you can contact our research expert at sales@6wresearch.com
Pricing and Purchase Options	Avail customization purchase option to know the exact pricing of your research needs

Topics Covered in India Cryptocurrency Market Report

India Cryptocurrency Market report thoroughly covers the market by offering, by process, by end user, and by type. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Cryptocurrency Market Synopsis

India Cryptocurrency Market has become one of the most popular markets and it will continue to rise in the future due to the rising acceptance of virtual currencies by both government as well as private institutions, with many understanding the capabilities of blockchain technology.

According to 6Wresearch, the India Cryptocurrency Market size is expected to rise at a compound annual growth rate (CAGR) of 9.87% during the forecast period 2023-2029. India Cryptocurrency Market has been booming. The major factor contributing to this growth is the increasing acceptance of digital currencies by both government and private institutions, with many recognizing the potential for blockchain technology in various sectors such as finance, healthcare, and education. Additionally, India's growing e-commerce industry has also had a positive impact on cryptocurrency adoption rates in the country. These factors are giving a boost to the India cryptocurrency market growth. Despite these encouraging developments, there are still some challenges faced by the market which includes lack of regulation, security concerns and lack of public awareness about this new asset class. Despite these challenges, Indian government has taken several steps in providing a conducive environment for crypto-related businesses such as setting up an interdisciplinary committee on virtual currencies and introducing new regulations around Initial Coin Offerings.

COVID-19 Impact on Cryptocurrency Market in India

The COVID-19 pandemic has had a major impact not only on the India Cryptocurrency Market but also on the Asia Pacific cryptocurrency market. Initially, there was a growth in interest as well as participation since investors sought alternative assets amidst economic uncertainty. The Reserve Bank of India's (RBI) during the pandemic banned on banking services for crypto-related transactions, which later overturned by the Supreme Court in March 2020, formed a period of ambiguity for thes ector. Post the regulatory clarity, the crypto market in India experienced key growth. Many domestic and international exchanges attained traction, and there was an influx of new participant. Startups and companies started focusing more on blockchain and cryptocurrency-related services.

Key Players Operating in India Cryptocurrency Industry

Some of the most prominent players operating in the India crypto market include are ZebPay, Unocoin, CoinSwitch, WazirX, CoinDCX, Koinex, and RBI (Reserve Bank of India).  These are the players running in the crypto market of the country.

India Cryptocurrency Market: Government Regulations

Reserve Bank of India (RBI) in April 2019, issued a circular which banned banks as well as financial institutions from offering services associated with cryptocurrencies and this had a major impact on the crypto sector. The supreme country in India lifted banking ban imposed by RBI and this ruling provided temporary relief to cryptocurrency market, enabling exchanges to make sure about the normal banking operations. An Inter-Ministerial Committee (IMC) in the country recommended a ban on cryptocurrencies as well as the introduction of digital rupee. The government of the nation was expected to consider these recommendations in shaping the cryptocurrency policy.

Market by Process

The mining segment based on process dominated the market. Blockchain transactions are validated as well as verified as a part of the mining process. New crypto coins are inserted into the current supply chain by mining process. In order to provide cryptocurrency miners with a good mining experience, a number of businesses across the world are focusing on implementing as well as building crypto miner farms. The transaction segment is projected to grow in the coming years. The requirement for high-performance transaction services among companies is growing, which is a result of faster development of technological advancements. As a result, a number of players are focusing on creating Wallet as a Services in order to offer secure virtual wallet choices.

Market by End User

The trading segment in terms of end user dominated the market. In cryptocurrency, trading allows users to buy, sell, and examine asset balances and attain deposit addresses. The same segment by end user is likely to rise in the coming years.

Market by Type

According to Dhaval, Research Manager, 6Wresearch, the bitcoin segment on the basis of type dominated the market in 2022. The segment is projected to develop at the fastest growth rate. Bitcoin is a digital currency running as a decentralized alternative payment method. The emergence of Bitcoin Exchange Traded Funds (ETFs) is projected to surge the volume of global bitcoin trades in the future. Ethereum is also projected to rise attributed to the proliferation of new projects.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Cryptocurrency Market Outlook
• Market Size of India Cryptocurrency Market, 2022
• Forecast of India Cryptocurrency Market, 2029
• Historical Data and Forecast of India Cryptocurrency Revenues & Volume for the Period 2019 - 2029
• India Cryptocurrency Market Trend Evolution
• India Cryptocurrency Market Drivers and Challenges
• India Cryptocurrency Price Trends
• India Cryptocurrency Porter's Five Forces
• India Cryptocurrency Industry Life Cycle
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Offering for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Hardware for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By ASIC for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Full Custom ASIC for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Semi-custom ASIC for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Programmable ASIC for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By GPU for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By FPGA for the Period 2019 - 2029
• Historical Data and Forecast of India Hardware Cryptocurrency Market Revenues & Volume By Others for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Process for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Mining for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Transaction for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By End User for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Trading for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Retail and E-commerce for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Banking for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Others for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Type for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Bitcoin (BTC) for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Ethereum (ETH) for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Tether (USDT) for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Binance Coin (BNB) for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Cardano (ADA) for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Ripple (XRP) for the Period 2019 - 2029
• Historical Data and Forecast of India Cryptocurrency Market Revenues & Volume By Others for the Period 2019 - 2029
• India Cryptocurrency Import Export Trade Statistics
• Market Opportunity Assessment By Offering
• Market Opportunity Assessment By Process
• Market Opportunity Assessment By End User
• Market Opportunity Assessment By Type
• India Cryptocurrency Top Companies Market Share
• India Cryptocurrency Competitive Benchmarking By Technical and Operational Parameters
• India Cryptocurrency Company Profiles
• India Cryptocurrency Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Offering

• Hardware
• ASIC
• Full Custom ASIC
• Semi-Custom ASIC
• Programmable ASIC
• GPU
• FPGA
• Others

By Process

• Mining
• Transaction

By End User

• Trading
• Retail And E-Commerce
• Banking
• Others

By Type

• Bitcoin (BTC)
• Ethereum (ETH)
• Tether (USDT)
• Binance Coin (BNB)
• Cardano (ADA)
• Ripple (XRP)
• Others

Frequently Asked Questions About the Market Study (FAQs):