Cryptocurrency Market in India 2023

According to statistics provided by cryptocurrency exchanges CoinSwitch Kuber and WazirX, India is gradually becoming a major worldwide center for cryptocurrencies, with the millennial and Generation Z populations serving as the main drivers of this expansion. The Indian economy would benefit from the wide use of Bitcoin and Ethereum by potentially reducing middlemen and lowering transaction costs. Indian Cryptocurrency market was valued at INR 8.62 Bn in 2022 and is expected to reach INR 10.75 Bn by 2027 at a Compound Annual Growth Rate (CAGR) of ~5.16% during the 2023 - 2027 period.

Market Trends:

Non-Fungible Tokens (NFTs): NFTs are used to represent ownership of digital content such as art, music, videos, and other creative works. They allow creators to sell their work as a one-of-a-kind item, with the buyer owning the original digital asset.

Move to Earn (M2E): This is a physical activity to reward with cryptocurrency. It involves using an app or platform that tracks your physical activity, such as steps taken or distance traveled, and then rewards you with cryptocurrency.

Play to Earn (P2E): The idea behind Play to Earn is to incentivize players to spend more time playing a particular game, as the more they play, the more digital tokens or coins they can earn.

Central Bank Digital Currency (CBDC): CBDCs operate on a blockchain network or other distributed ledger technology, which enables the central bank to maintain control over the currency while providing faster and more secure transactions.