Cryptocurrency is witnessing explosive growth in India. The latest statistics reveal that the number of crypto owners in India has surpassed the 10 crore threshold, which is the highest in the world. Followed by it are the United States, Russia, and Nigeria with 2.74 crore, 1.74 crore, and 1.30 crore crypto users respectively.
While in terms of crypto ownership percentage rate, India stands at the fifth position with 7.30 percent. Because of the higher population than other nations, India slipped to spot five. As per stats, Ukraine with 12.73 percent has the highest crypto ownership in the world. The further rankings are led by Russia (11.91 percent), Kenya(8.52 percent), and the US (8.31 percent).
Despite the legal ambiguity surrounding cryptocurrency status in India, digital assets are garnering everyone’s attention. Also, a report by BrokerChooser says that in regards to crypto-related searches conducted on the internet India occupies the second position globally.
What’s more noteworthy is that the cryptocurrency craze is not limited to tier 1 cities in India. Rather it has spread to Tier 2 and Tier 3 cities as well, where a lot of young investors are exhibiting keen interest in crypto assets. Even since the removal of the ban by RBI, there has been an impressive increase in crypto trading volume.
A lot of Indian and foreign exchanges have come up to offer their services and are experiencing a sustained increase in customer volumes. Gladly, exchanges too have played a critical role in driving interest among people. Their user-friendly services and hassle-free accessibility to cryptocurrencies have enabled people to explore their interest in digital investments. These platforms allow users to sell or buy bitcoin in India from anywhere at any given point in time.
In addition, a study by Chainanalysis has claimed that rising institutional investors have also played a key role in accelerating crypto-related trading activities in India. According to the study, the country’s crypto industry has grown by 641 percent.
Thus, there is no denying the fact that uncertain legal status is not affecting the spirit of people in India. The number of crypto owners is soaring day by day and is expected to increase further.
If you are thinking of jumping on this bandwagon, choosing a reliable exchange platform can boost up your overall experience. The best exchange for cryptocurrency in India that you can look forward to is CoinSwitch Kuber. Currently, this exchange has around more than 11 million users.
Digital assets have caught a large scale of attention. Their level of penetration from large cities to small cities has been really appreciable. However, the implementation of a positive regulatory framework at this stage can prove revolutionary. More support and clarity from the government can provide a boost to the crypto market in India. Hence, an inclusive legal regulatory framework oriented towards the industry’s growth is the need of the hour.
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