On the grounds where Indian crypto community is going through an aggressive unreceptive atmosphere, a new initiative entered and it is fetching new investors on board.
The gift vouchers in the form of Bitcoin are rapidly adopted in India and it has heavily influenced India’s top IT hub, Hyderabad. In India, a large number of people opt the ideology of low-risk and cheap entry into cryptocurrencies.
At a coffee shop in Hyderabad, gift vouchers offered by the management are driving the demand and also the curiosity for bitcoin. The vouchers that are sold for just $3 (Rs 200) create a path for the micro-investment in cryptocurrency environment. It has been witnessed that people of India prefer these vouchers in huge volume to surprise their family, and friends and for them as well.
When a potential investor shows interest, the traders of cryptocurrency insist a huge slash. Even though there is a low market performance and suppression of institutional is in a rise, bitcoin continues to stay lucrative in India.
The fourth most popular city, Hyderabad has been drastically transformed into financial and industrial hub since some last decades. The city supports the country’s GDP with huge volume and is known by various names such as “City of Pearls”, “Genome Valley of India”, and “India’s pharmaceutical capital”. It has been also nicknamed as “Cyberabad” owing to its evolution as prime IT hub in recent years. Many renowned MNCs have their offices based in the city. As per the data, approximately 400,000 people work in tech companies based in Hyderabad.
The community inclined towards cryptocurrency is waiting for a formal legal system dedicated to the sector; a representative has claimed that it is intricate to espouse effectual regulations. The banks have already terminated the bitcoin exchanges account and have restrained the transactions related to cryptocurrency.