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WazirX added more than 200 cryptocurrency pairs to its exchange this year, but Bitcoin has maintained its lead as the most traded cryptocurrency on the platform. <\/p>\n
Among the altcoins, the most traded cryptocurrencies were Tether (USDT), Shiba Inu (SHIB), Dogecoin (DOGE), the WazirX Token (WRX) and Matic (MATIC).\n<\/p>\n
Despite a slew of new cryptocurrencies, especially those giving Ethereum a run for its money like Cardano, Solana and Avalanche \u2014 they aren\u2019t the favorite choice of investors in India.\n<\/p>\n
WazirX, one of the biggest crypto exchanges in India, did not disclose the traded volume for each of these cryptocurrencies but saw an overall transaction volume of $43 billion. <\/p>\n
According to WazirX, there are more than 10 billion users trading cryptocurrencies on its platform \u2014 a figure that the Reserve Bank of India (RBI) has called into question. \u201cWhatever information we have, with a reasonable amount of confidence, I can say that the number of participants in the crypto market seems exaggerated,\u201d RBI governor, Sakthikanta Das, While the actual numbers may be unclear, there isn\u2019t any doubt that the use of cryptocurrencies in India has grown in popularity during the COVID-19 monotony. The bigger concern lies in the fact that most users are still depending on friends and family to tell them where to invest, rather than doing their own research. In a survey conducted by WazirX, across 8.5 million respondents, pegs that at least half of them decided to invest in crypto based on the advice of friends and family. \u201cAs crypto goes mainstream, it creates a need for further investor education and responsible marketing initiatives among Indian exchanges,\u201d said WazirX\u2019s 2021, The Year of Crypto report. <\/p>\n In fact, marketing has been a pain point for the crypto industry. In a petition filed with the Indian Finance Minister, Nirmala Sitharaman, told the Parliament earlier this month that the government is yet to take a call on the matter. \nSEE ALSO: #MuskEffect takes Dogecoin to the moon as the rest of the crypto market flashes green ahead of US Fed meet<\/a><\/p>\n <\/strong>
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\nDelhi High Court<\/a>, advocates argued that the flood of crypto ads that blossomed on television and over-the-top (OTT) platforms, during events like the Indian Premier League (IPL) and the Euro 2020 football championships, do not feature disclaimers that are easy to read.\n<\/p>\n
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INTERVIEW: Government is asking crypto experts these questions \u2014 and the metaverse isn\u2019t one of them yet<\/a><\/p>\n
\nIMF\u2019s Gita Gopinath wants a global policy on cryptocurrencies \u2013 not a ban<\/a>
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