India Is Leading The Crypto Growth – Over 100M Indians Own Crypto Assets
India is booming when it comes to crypto investment and trading. Despite the regulatory uncertainty in the country, many exchanges and investors are rushing in to set shop in India. Out of 154 countries, India ranks second on the August 2021 Global Crypto Adoption Index by Chainanalysis.
According to Tracxn data, 73% more funding has been flowing into Indian crypto start-ups in the two quarters of 2021 compared to the whole of 2021. According to NASSCOM research reports titled ‘Crypto Industry in India’, above 60% of states in India are becoming crypto technology adopters.
According to Blockdata – market intelligence platform – the total amount of funding for global blockchain companies hit a record $6.6 billion in the September quarter, mainly driven by growing number of investors to of larger crypto and other digital assets.
India Leads Crypto Adoption Index
According to BrokerChoose survey, the annual crypto proliferation index reveals that over 100 million Indians own crypto, followed by the U.S. with 27 million and Russia records over 17 million crypto owners.
India’s crypto market has grown 641% over the past year. A demographic of 21 to 35 age bracket who live in metro cities are involved in cryptocurrencies. Bitcoin is the number one crypto preference with 75%, followed by Ethereum, Binance coin and XRP, according to a Kantar survey.
Meanwhile, Reserve Bank of India (RBI) is planning to launch its central bank digital currency (CBDC). The plan is to launch it by the end of 2021. The finance ministry has allegedly created a new committee to find out if income made by crypto-trading could be taxed.
