Even though Indian law is confusing when it comes to crypto, Indian investors are increasingly confident in the asset class, and have been drastically increasing their positions.
According to Chainalysis, investments in cryptocurrencies in India increased 19,900% last year, rising from $200 million to nearly $40 billion.
The increase in investment comes despite regulatory uncertainty in the local government, with the country's central bank repeatedly threatening to ban cryptocurrencies.
In April 2018, the Reserve Bank of India even prevented local financial institutions from serving cryptocurrency companies. Although the decision was overturned, telling banks they can ignore the 2018 decision, uncertainty remains.
Regardless of the government's legislative power and the local barriers encountered for the industry's technological environment to flow, investors continue to see these discussions as noise and increasing their positions in cryptocurrency as a way to maintain their purchasing power in the long term.