ZebPay has accumulated 25% of its user base in one month

Rage Comment : India released and implemented a new currency policy without considering the specific implementation steps and potential impacts, which led to market turmoil in India and greatly affected people's lives. It also greatly reduced people's confidence in the Indian rupee. This brought a great opportunity for the popularization of Bitcoin. ZebPay, one of the four major Bitcoin companies in India, saw a sharp increase in the number of registered users under the influence of this new currency policy. Moreover, India is the second most populous country in the world, and I believe that there is still a lot of room for Bitcoin to grow in India.

Translation: Annie_Xu

The difference between fiat currencies and cryptocurrencies like Bitcoin is huge. Bitcoin’s decentralized nature makes it immune to the wrong government thinking; fiat currencies are inevitable. Whenever a government decides to change the monetary system, it is the common man who suffers. The Indian government’s move has amply demonstrated this.

The Indian government announced the abolition of high-denomination notes of 1,000 and 500 rupees, rendering 80% of banknotes in circulation worthless. Misguided decisions have left the Indian central bank unable to meet the requirements for issuing new currency, throwing people’s lives into disarray. The government’s misfortune has made people aware of the flaws of legal tender and the advantages of Bitcoin.

People who have acquired new knowledge are starting to choose Bitcoin. ZebPay, one of the four largest Bitcoin companies in India, has suddenly started to gain a large number of registered users. Sandeep Goenka, COO and co-founder of ZebPay, said that the platform added 50,000 new users last month. India's monetary policy has increased the demand for Bitcoin among Indians; thus driving the surge in Bitcoin prices in the domestic market.

Regarding the impact of the surge in interest in digital currencies on the future, Sandeep Goenka said:

"It has promoted the development of technologies such as blockchain in India, and we can see an increase in related attention after the introduction of India's monetary policy. India's interest in Bitcoin includes investment, commodities and technology."

So far, ZebPay mobile app has been downloaded by more than 200,000 users, with 50,000 users last month alone. Although India currently has no clear digital currency regulatory policy, Indian Bitcoin platforms follow regulations similar to those in the banking industry such as Anti-Money Laundering (AML) and Know Your Customer (KYC).

The demand for Bitcoin is expected to increase in this country with the second highest population density in the world, as most people have not yet joined the community, but the trend is already clear.