Last week, Blockchain.com revealed its list of the countries with the biggest growth in crypto users. Based on web wallet creation, Peru was #1, followed by India. According to Blockchain.com:
Peru, India, Indonesia, and Nigeria are among the countries with the biggest increase in crypto wallet creation based on data from Blockchain.com, which has over 52 million wallets created by users worldwide. Nigeria has been the most trending country in recent months, w ith a 60% increase since April. […]
On ZebPay’s global exchange, which serves over 160 countries, the biggest volume growth recently has been from Nigeria. According to Blockchain.com, “Nigeria has been the most trending country in recent months. It has increased by 60% its usage of Blockchain.com web wallet since April 2020.”
With the growth of interest among Nigerian investors and traders, the government is taking steps to create a legal framework.
Last month, Nigerian media reported that the Ministry of Justice had tabled before the National Assembly the bills that will provide the legal framework for bitcoin and other cryptocurrencies, citing the country’s Attorney General, Abubakar Malami. “The expected bills will prepare Nigeria for emerging realities relating to digital cash, bitcoin and e-currency,” Malami was quoted as saying.
This is welcome news for Nigerians and for the global crypto community, including India.
Despite ongoing rumors about a crypto ban in India, the larger trend clearly points in the direction of regulation and acceptance.
- In March 2020, the Supreme Court of India overruled the RBI circular of April 2018 and affirmed that crypto assets are legal in India.
- In May 2020, the RBI itself confirmed that there is no ban on banking services to crypto firms.
- Major Indian companies like Tata Consultancy Services have launched crypto and blockchain initiatives, while even skeptics like former Finance Minister Subhash Garg have proposed regulatory frameworks for crypto assets.
ZebPay has a CEO, Rahul Pagidipati, who is himself a licensed attorney, as well as a full legal team including lawyers and investigators. We have confidence in Indian law and want to work with the government to craft healthy regulations that will protect consumers’ security and allow this economic revolution to thrive in India.