Cryptocurrency is becoming rapidly popular in all Indian areas. 

India's stand on cryptocurrency depends on the regulations in the new cryptocurrency bill. According to cryptocurrency market experts, proper rules and regulations will make the digital coins reach more masses and attract more investors, especially in rural India. Globally, India is the second biggest cryptocurrency adopter in the world. One of the most important assets of the 21st century, it is astonishing that more than 1.5 crore Indians are currently holding crypto assets worth INR 1,500 crores. 

This week, Bitcoin has amused all cryptocurrency investors and experts by crossing US$50,000 once again, moving towards its all-time high of US$60,000. In Indian currency, one Bitcoin is worth more than INR 37 lakhs. The largest cryptocurrency in the market is heading towards a bullish run with a market cap of more than US$921 billion. 

One of India's leading cryptocurrency exchanges, WazirX, witnessed a 2,648% growth in user registrations from tier 2 and tier 3 cities in the country, amidst the crypto boom in India. It is revealed that women in those cities are showing an increased interest in cryptocurrencies than their urban counterparts. Since January 2021, WazirX has made US$21.8 billion in overall trading volume. 

Seeing this demand, Nischal Shetty, CEO of WazirX hopes that India's cryptocurrency bill will make cryptocurrencies available for mainstream investors as well as those who want to try the new digital assets from any part of the country. Several crypto-based startups and enterprises in India already function on a self-regulatory code of conduct and best practices that are in the best interest of the users. 

India's Finance Minister Nirmala Sitharaman said last week that she is waiting for the Cabinet to approve the cryptocurrency bill. The RBI is also planning to launch a model of its own CBDC (central bank digital currency) by the end of 2021. With this launch and expanding Internet access to rural India, people can start trading without any hindrances and financial transactions will become faster, easier, and more secure. 

Nischal Shetty opines that India's Internet boom is a key factor in tier 2,3, and 4 cities picking up the cryptocurrency trend faster. Tier 2 and Tier 3 cities have driven WazirX registrations up by 55%, overtaking tier 1 cities. "Cryptocurrency has immense potential to remove the financial barriers for rural India, and provide cheaper access to capital, more online jobs", he added.