The legal status of the cryptocurrency in India is uncertain, but that hasn’t stopped Indians from investing in the asset. According to an annual proliferation index compiled by the broker discovery and comparison platform BrokerChoose, India has the highest number of cryptocurrency owners in the world in terms of the number of individual holders. The United States and Russia were relatively distant second and third, respectively. In terms of the number of crypto owners in terms of population, India has the fifth highest crypto ownership rate, but the country’s population wows other countries.
Based on the percentage of a country’s population that owns cryptocurrencies, the ranking is led by Ukraine (12.73%), Russia (11.91%), Kenya (8.52%) ) and the United States (8.31%), while they ranked fifth with 7.3%. . But since India’s population is gargantuan compared to that of Ukraine and Russia, the two countries aren’t even very close when looking at the total number of cryptocurrency owners. While India has 10.07 crore of cryptocurrency owners, the United States has 2.74 crore, while Russia has 1.74 crore.
The report also looked at cryptocurrency research across countries. Here, the United States recorded the highest number of crypto-related searches, followed by India, the United Kingdom, and Canada.
Recently, Chainalysis released its 2021 Global Crypto Adoption Index, which ranks India second out of 154 countries.
The Chainalysis study also noted the role of large institutional investors in India, which are essential to generate volumes. Representing 42% of transactions originating in India, the report also recently revealed that the Indian crypto industry grew by 641%, with 59% of activity on DeFi platforms.
That said, given that the nation lacks a legislative framework and the regulatory requirements for cryptocurrencies are still quite distant, India is still a long way from realizing its potential as a central nation in the world. space.
Cryptocurrency is unregulated digital currency, not legal tender and subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by The Bharat Express News. The Bharat Express News will not be responsible for any loss resulting from any investment based on a perceived recommendation, forecast or any other information contained in the article.