India is a new investment capital market for ICOs that is 90% likely to open up by the end of 2018.
A Bit of History
In late 2017 and early 2018, India followed China’s suit and began implementing targeted limits on the circulation of fiat currency within its borders. Naturally, this resulted in a sharp drop in Indians’ interest in investing in ICO projects. The culmination of these actions was news of a complete, countrywide ban on operations with cryptocurrency, handed down by the Supreme Court of India.
This undoubtedly dragged down companies engaged in investing in ICOs, but according to statistics, in August and September crowdsale financing operations by companies owned by Indian citizens rebounded somewhat. At the same time, the Indian Ministry of Finance announced that the restrictive measures were premature and rushed, and right now amendments are in the works to allow legal entities to resume investments in the blockchain sector.
Psychological Characteristics of the Target Market
Forecast for the Near Future and Recommendations for Conducting ICOs
Of course, it’s not worth looking at India as a major market player until the situation with state regulation of cryptocurrency operations is completely settled. But, looking ahead somewhat, you should already be translating your promotional materials and including India in your target audience.
One, this is because there are active investors acting despite the established ban, and two, because the Ministry of Finance has admitted itself that its actions were in error, and it won’t be long before the agency changes course again.