India is quickly becoming one of the most intriguing regions to keep an eye on. Now that the high denomination banknotes ban has gone into full effect, emerging fintech players see a golden opportunity. At the same time, the Bitcoin price continues to go up in the region, as consumers re desperately looking for new assets.
India Is Emerging As A Bitcoin And Fintech Hub
Depending on how the financial situation in India evolves over the coming weeks, fintech and Bitcoin enthusiasts will come out as the biggest beneficiaries. Banning high denomination banknotes and replacing them with others has caused major controversy in India. As a result of this decision, a lot of consumers, investors, and traders are looking for cashless solutions. Preferably digital assets, if that would be possible.
India has two reigning e-wallet providers in the form of Paytm and Freecharge. But do not discount MobiKwik and Oxigen, as both companies are close to securing a Chinese investment deal. E-wallets are becoming even more popular than ever before in the country. Any enterprise offering such a service will attract foreign investment funds in the coming months.
To put this currency ban into perspective,