According to media reports, India also ranked #2 in a poll of nations that use cryptocurrency the most, with 9% of the respondents claiming they used crypto. Meanwhile, the United States and the United Kingdom had the lowest proportion of cryptocurrency owners, with 8 per cent and 9 per cent, respectively.
one trend that has been consistent around the globe is that younger people are leading the charge when it comes to crypto currency adoption. Young people between the ages of 18 and 38 make for more than 40% of users throughout the world, according to Finders.
One of the main reasons behind this is the growth of crypto-based companies such as CoinSwitch Kuber, CoinDCX,Wazirx, Zebpay,Unocoin & Bitbns making crypto investing easy and accessible to individuals.
Smaller towns in India have been at the forefront of cryptocurrency acceptance in recent years. The increase in user subscriptions from Tier II and Tier III locations on the CoinSwitch Kuber app have grown by over 2000%.
Studies show that the adoption of the crypto market has grown by over 880% between June 2020 - June 2021 worldwide and the number of crypto users in India has crossed over 15 million during this time.
According to a poll conducted by global consultancy company PwC, India can be among the leaders in the adoption of the overlying Block chain technology that crypto is based on, over the next five years, if an appropriate degree of business and government engagement is achieved.
Around 15 million Indians are believed to have made investments in private crypto currency holdings. Crypto currency investments in the nation increased from $923 million in April 2020 to almost $6.6 billion by May 2021, a growth of about 400% in only one year.
Following the announcement of a carefully calibrated position on crypto currency and digital money earlier in May, the Finance Ministry stated that the world is evolving quickly with technological advances. The possibility of Bitcoin and other crypto currencies becoming recognised as an asset class in India has also been floated recently.
For now, the response to crypto in India has been overwhelmingly positive. It is clear that crypto currency does have a market in the country, and it is growing exponentially.
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