Home Technology India Has Highest Number of Cryptocurrency Owners in the World at Over...

India Has Highest Number of Cryptocurrency Owners in the World at Over 10 Crore: Report


Cryptocurrency’s legal standing in India is uncertain but that hasn’t dampened the spirit of Indians from investing in the asset. As per an annual proliferation index put together by broker discovery and comparison platform BrokerChoose, India has the highest number of cryptocurrency owners globally in terms of an individual number of holders. The United States and Russia were ranked a fairly distant second and third, respectively. In terms of number of crypto owners in terms of population, India has the fifth-highest crypto ownership rate, but the country’s sheer population blows other countries away.

Based on the percentage of a country’s population who are crypto owners, the rankings are led by Ukraine (12.73 percent), Russia (11.91 percent), Kenya (8.52 percent), and the US (8.31 percent), while stood fifth with 7.3 percent. But since India’s population is gargantuan in comparison to the likes of Ukraine and Russia, the two nations aren’t even remotely close when we look at the total number of cryptocurrency owners. While India has 10.07 crore cryptocurrency owners, the US has 2.74 crore, while Russia has 1.74 crore.

The report also looked at cryptocurrency searches across nations. Here, the US saw the highest number of crypto-related searches followed by India, the UK, and Canada.

Recently, Chainalysis published its 2021 Global Crypto Adoption Index, which placed India second out of 154 nations.

The Chainalysis study also noted the role of big institutional investors in India who we’re key in driving volumes. Accounting for 42 percent of transactions from India, the report also recently revealed that India’s crypto industry increased 641 percent, with 59 percent of activity occurring on DeFi platforms.

That said, since the nation lacks a legislative framework and regulatory requirements for cryptocurrencies are still a fair bit away, India is still far from realising its potential as a powerhouse nation in the space.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.



Source link

Vishal Kumarhttps://visionaryblogs.com/
Hi..I'm Vishal Kumar I am currently study MCA from IGNOU. Web Development and Designing is my passion and I believe in helping people with my abilities and knowledge. I am learning these things from last 8 years and it feels like learning is a part of my life. Now, which makes this experience even more interesting. Feel free to reach out to me at https://visionaryblogs.com/ Have a nice stay here!

OLDER ARTICLE

Vivo Y12a Tipped to Be in the Works as Rebadged Vivo 12s (2021), Specifications Surface Online

Vivo Y12a is tipped to be in the works as the company's latest affordable smartphone. While the official announcement hasn't yet been...

GoPro Hero 8 Black and GoPro Max Action Cameras Launched, Feature HyperSmooth 2.0, Built-In Mount, and More

Popular action camera maker GoPro has launched its brand new set of action cameras for 2019. The main one is the Hero 8...

Centre tells Supreme Court that ‘some action’ will be taken for regulation of OTT platforms : Bollywood News

The Centre on Tuesday told the Supreme Court that it was contemplating to take some action on the issue of...