Nikolai Udyansky: The number of Coinsbit India clients has reached 1.2 million people – Bits Media

The number of users of the Coinsbit India exchange has reached 1.2 million people. The co-founder of the crypto exchange, Ukrainian businessman Nikolai Udyansky, spoke about this.

He recalled, that India is one of the most active cryptocurrency markets in the world. According to Chainalysis, the volume of investments of the country's residents in cryptocurrencies over the past year increased from $200 million to $38.8 billion.

“Today, the number of cryptocurrency investors in India exceeds 15 million people. We could not ignore such a market and decided to implement our European experience here.”, – notes Udyansky.

At the beginning of the year, information appeared that, that the Indian authorities are going to completely ban all private cryptocurrencies and focus on creating a national digital currency. But in the end, this idea was abandoned in favor of taxation of cryptocurrency exchanges and transactions with digital assets. In this way, One of the most populous countries in the world may soon become the most advanced state in the field of mass adoption of cryptocurrencies.

“We decided to take advantage of the improvement in the cryptocurrency climate in the country. After the sale of the Coinsbit exchange, funds were freed up, which were invested in the Coinsbit India exchange. They decided to partially preserve the brand, because he was already quite popular at that time. The license cost us $1 million, more $5 million had to be paid for a technical solution - the development and adaptation of the exchange to local conditions", – continues its co-founder.

Now, According to him, The Coinsbit India cryptocurrency exchange operates completely legally and complies with all legal regulations.

"We already have 1.2 million users and in the near future we plan to become a leader in the Indian market", - Udyansky summed up.