NEW DELHI: Indians are outpacing the rest of the world in crypto adoption, despite the fact that investors are still awaiting the official decision on cryptocurrency exchanges in the country. According to the reports Crypto owned by Indians is highest in the world.
According to a study conducted by the portal BrokerChoose’s annual crypto proliferation index, India has the most crypto owners in the world, with over 10 crore, followed by the United States and Russia.
India has the fifth-highest rate of crypto ownership as a percentage of the population, at 7.3 percent. Ukraine leads the index with 12.73 percent of the population, followed by Russia with 11.91 percent, Kenya with 8.52 percent, and the United States with 8.31 percent.
The study also looked at internet searches in different countries to gauge interest in cryptocurrencies.
In the previous twelve months, India had the second-highest number of total crypto searches (nearly 36 lakh), while the United States had the highest number of crypto searches (69 lakh).
In fact, in August of this year, India ranked second out of 154 countries on Chainalysis’ 2021 Global Crypto Adoption Index.
According to the report, India’s market grew 641 percent in the last year, based on a metric that estimates the total cryptocurrency received by a country. According to the reports Crypto owned by Indians is highest in the world.
“Large institutional-sized transfers above $10 million worth of cryptocurrency represent 42 per cent of transactions sent from India-based addresses,” said the report, According to the data, India’s cryptocurrency investors are part of larger, more sophisticated organizations.
Take note: Bitcoin, the world’s largest cryptocurrency, has already gained more than 50% since the beginning of the year. The one-year gain is around 400 percent, which is encouraging an increasing number of Indians to use cryptocurrency exchanges.
According to a Kantar Consulting survey; 19% of urban Indians intend to invest in virtual tokens in the next six months. And when it comes to crypto ownership, Bitcoin reigns supreme with a 75% preference; followed by Ethereum at 40%, Binance coin at 23%, and XRP at 18%.
One major draw is the possibility of making large profits by investing small sums. WazirX accepts bitcoin investments ranging from Rs100 to Rs500.
Indians who own cryptocurrency are mostly between the ages of 21 and 35 and live in major cities. According to the survey, the owners have a “higher risk appetite;” as they prefer crypto, mutual funds, and life insurance over fixed deposits and life insurance.
So it is not surprising that the popularity of crypto exchanges and platforms such as; CoinSwitch, Kuber WazirX, CoinDCX, ZebPay, Unocoin, and BuyUcoin has increased in recent months.
Zerodha, a cryptocurrency exchange, has over seven million users, compared to CoinSwitch Kuber’s 11 million. WazirX has 8.3 million users.
Despite the uncertainty among prospective users regarding the use of cryptocurrency in comparison to real money; Unocoin has launched deposits via UPI wallets in Indian currency for a faster top-up to buy and; sell Bitcoins and other cryptocurrencies on the platform.
CoinSwitch Kuber raised over $260 million in Series C funding from a group of investors last week; valuing the company at $1.9 billion.
According to a survey performed by Kantar; 19% of urban Indians aim to invest in virtual tokens in the next six months. When it comes to cryptocurrency ownership, Bitcoin takes the lead with 75% of the vote; followed by Ethereum with 40%, Binance Coin with 23%, and XRP with 18%.
According to Tracxn data; Indian crypto start-ups received 73% more funding in the first six months of calendar 2021 than in the entire year of 2020. Another NASSCOM report; titled ‘Crypto Industry in India,’ stated that more than 60% of Indian states are becoming crypto tech adopters; with the industry expected to reach $241 million by 2030 in India.
However, cryptocurrencies have yet to be accepted as legal tender in the country; and there is a lack of a legal framework and regulatory norms. According to the reports Crypto owned by Indians is highest in the world.
The ball is currently in the hands of the finance ministry and the Reserve Bank of India.
A cryptocurrency bill is expected to be introduced during the winter session. The finance ministry has also reportedly formed a new committee to investigate whether crypto-trading income should be taxed. Meanwhile; the RBI plans to issue its first official digital currency as a regulated; “central bank digital currency (CBDC)” by the end of 2021. Much of the scepticism stems from the fact that; the global cryptocurrency boom has created a breeding ground for fraudulent trading platforms.
However; as larger investors become more interested in crypto and other digital assets; total funding for global blockchain companies reached a record $6.586 billion in the September quarter; nearly doubling the amount raised in 2020, according to market intelligence platform Blockdata.
Elliptic, a cryptocurrency analytics firm, raised $60 million from investors including SoftBank and Wells Fargo Strategic Capital on Monday. To aid in financial crime compliance, the company tracks the movement of cryptocurrencies on blockchain.
Elliptic, a cryptocurrency analytics firm, raised $60 million from investors including SoftBank and Wells Fargo Strategic Capital on Monday. To aid in financial crime compliance, the company tracks the movement of cryptocurrencies on blockchain.
Earlier in May; a Brazilian cryptocurrency investment firm raised approximately $26 million from investors including SoftBank Group Corp; and in July; the SoftBank Latin America fund invested $200 million in the Series B funding of 2TM Group; the digital asset group that owns cryptocurrency exchange Mercado Bitcoin.
Source: The Times Of India
