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India Dominates the Crypto Space — Over 10 Million Indians Own Crypto

CryptocurrencyOct 12, 2021 01:00PM ET
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© Reuters. India Dominates the Crypto Space — Over 10 Million Indians Own Crypto

  • India has the highest number of crypto owners in the world.
  • Over 10 million Indians own crypto.
  • India also records over 3.6 million prospective crypto investors.

Indians are taking the center stage for crypto investment and trading. Even in the midst of its regulatory uncertainty, many exchanges and investors are flocking India to set its booth. Indian ranks second out of 154 countries on the 2021 Global Crypto Adoption Index by Chainanalysis in August.

Indian crypto start-ups have received 73% more funding in the two quarters of 2021 compared to the whole of 2021, data from Tracxn shows. Equally, NASSCOM reports in a research entitled ‘Crypto Industry in India’, that above 60% of states in India are sprouting as cryptotech adopters.

According to market intelligence platform, Blockdata, the total amount of funding for global blockchain companies hit a record $6.586 billion in the September quarter. This is due to the influx of larger crypto and other digital assets investors.

India Crypto Adoption Index

A survey conducted by the BrokerChoose’s annual crypto proliferation index reveals that over 10 million Indians own crypto. Invariably, India has the largest number of crypto owners in the world and then the U.S. with 27 million and Russia records over 17 million crypto owners.

Source: Times of India

Along with this, the study also reveals a total of 3.6 million Indians showed interest in investing in crypto and other digital assets.

In particular, India’s crypto market grew 641% over the past year. A demographic of 21 to 35 age bracket who live in metro cities are involved in crypto. Meanwhile, Bitcoin rules as the crypto preference with 75%, followed by Ethereum, Binance coin and XRP. According to a survey conducted by Kantar.

At the moment, the Reserve Bank of India (RBI) is already planning to launch its official digital currency — it is expected by the end of 2021. Already, the finance ministry has allegedly created a new committee to find out if income made by crypto-trading could be taxed.

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India Dominates the Crypto Space — Over 10 Million Indians Own Crypto
 

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