“We saw very good deal wins this quarter in the crypto space,” N. Ganapathy Subramaniam, chief operating officer at
said in a post-earnings press conference.
TCS’ comment is another indication of the rapid growth that the cryptocurrency industry in the country is witnessing despite the uncertainties around regulations. Earlier this week, Coinswitch Kuber surpassed India’s largest stockbroker Zerodha in terms of the user base.
The rapid growth is thanks to the increased adoption of the digital asset among Indian investors, particularly, the youth. India is one of the fastest-growing areas in the world when it comes to the adoption of cryptocurrency.
A measure of the rising heft of Indian cryptocurrency space at the global level is the unicorn status achieved by Coinswitch Kuber after it raised fresh capital from Andreessen Horowitz at a valuation of $1.9 billion.
However, the growth in the sector is coming in the shadow of regulatory uncertainty especially as the government is expected to soon introduce a bill in the Parliament to ban all private cryptocurrencies and launch a central bank digital currency.
The Reserve Bank of India has time and again expressed major concerns about cryptocurrencies with the RBI Governor Shaktikanta Das recently calling for the industry to prove its utility to India’s economic growth.