India

In an interview with The Economic Times, Shivam Thakral, CEO of cryptocurrency exchange BuyUcoin, said, "Long-term and experienced traders are the first to sell other assets and buy ETH, followed by millennials and new investors."

Nischal Shetty, CEO of cryptocurrency exchange WazirX, said the number of ETH orders on its platform has grown by more than 150 percent in the past six months. He says ETH is becoming increasingly popular with the upgrade and hard fork of Ether, along with the emerging DeFi and NFT projects.

Hu Jie, a professor at Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University, told Blockchain Daily that the easing of policies in India has boosted the local crypto economy, and the impact of the epidemic coupled with last year's bull market in bitcoin has attracted more people to participate in the crypto market.

At the height of the cryptocurrency market bubble in 2017-2018, the Reserve Bank of India (RBI) required all regulated entities, including banks, to refrain from providing services to businesses involved in bitcoin transactions. Under tight regulation, some cryptocurrency activity went underground. However, last year the Indian Supreme Court ruled that the RBI's ban was actually unconstitutional, freeing up the market.

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