India is among the global leaders in crypto adoption
When it comes to adopting cryptocurrency, Asian countries are surprisingly exceeding the rest of the world. According to a neoteric study conducted by the market research enterprise Finder suggested that Asia has the top five nations that have the largest Bitcoin ownership in the world. Although most of these countries are deemed unimportant when it comes to the cryptocurrency industry, a recent study expresses different results.
With 40% ownership, Vietnam was the country with the highest number of cryptocurrency possession, followed by other countries like Indonesia, India, Malaysia, and the Philippines, respectively. Individual polls in Indonesia and India stated that over 30 percent of people are in possession of digital currencies either directly or indirectly.
Different media reports also suggested that India is in the second position in terms of using cryptocurrency the most, with 9% of the people saying they have used digital currency. Surprisingly countries like the United States and the United Kingdom have the lowest number of cryptocurrency holders, with 8 per cent and 9 per cent, respectively.
The RBI (Reserve Bank of India) tried to implement a ban on crypto transactions in India, but the Supreme Court ruled out the whole process. From then on, there has been a massive growth of retail investors in crypto. Since June 2020, the CoinSwitch Kuber, the largest cryptocurrency platform in India, has hooked in nearly 8 Million users.
The growing interest in digital currency among youngsters
Younger generations are the ones leading the breakthrough in the growing popularity of digital currencies. Throughout the world, 40% of cryptocurrency users are aged between 18 to 34, and this data is provided by Finders. Behind the tremendous growth of cryptocurrencies are the companies like CoinSwitch Kuber, who are making investing and trading on digital currencies accessible and easy for users.
Adoption of digital currencies in smaller towns in India
In recent years the smaller towns of India have vehemently adopted the cryptocurrency. CoinSwitch Kuber app has seen tremendous growth from Tier II and Tier III locations, and it has grown over 2000%. Furthermore, studies have also shown that between June 2020 – June 2021 worldwide, the crypto market has grown by over 880%. Also, in India, the number of crypto users has crossed over 15 million. Recently crypto has become a hot and trending topic in India due to investors pouring a lot of money into the crypto market. The government of India is also thinking on implement laws on crypto trading and investing. Furthermore, CoinSwitch Kuber has raised around 25 million dollars from Tiger Global.
The future of crypto in India
The CBO of CoinSwitch Kuber has stated that “The cryptocurrency industry is steaming hot. 2021 has seen an accelerated interest in the crypto space as companies look to gain exposure to the market. Several sectors floundered in FY21, given the challenges of doing business in a pandemic environment. Fintech, for the most part, was not one of them.”
Within just one year, the investment in cryptocurrency has expanded from 923 million dollars in April 2020 to almost 6.6 billion dollars by May 2021, around 400% growth. Close to 15 million Indian citizens are said to be directly or indirectly involved in the crypto trade and investments through private holdings.
For the crypto community in India, there is good news. The government of India has stated that it will further investigate the application and effects of blockchain technology to stimulate the digital economy. The Indian government may impose draconian rules instead of directly proscribing the cryptocurrency. Right now, there has only been a positive response to cryptocurrencies in India. And from this, we can conclude that cryptocurrency does have a position in the Indian financial system with its exponential growth.