Why is India leading in crypto adoption?

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Countries in Asia, especially India, are overtaking the rest of the world in cryptocurrency adoption. A recent analysis of the markets by research firm Finder revealed that the top five countries in terms of crypto ownership are all located in Asia. Although these countries were previously considered unimportant, the recent study contradicts this and Asian countries now play an important role in the FinTech sector.

Vietnam leads the adoption measures with nearly 40% of its population holding crypto and is followed by Indonesia, India, Malaysia and the Philippines respectively. Almost 30% of respondents in Indonesia and India said they own cryptocurrencies.

According to reports, India ranked second in a survey of the countries that use cryptocurrencies the most. Meanwhile, the US and UK had the lowest share of incumbents, 8% and 9% respectively.

After the Supreme Court of India ruled out the reserve bank’s ban on crypto transactions, and alongside the huge crypto bull runs over the past year, there has been a massive surge in new users, in especially retail traders. For example, one of the largest exchanges in the country, CoinSwith Kuber, has added around 8 million users in the past year.

Related Reading: India’s Supreme Court Strikes Down Central Bank’s Crypto Trading Ban

The team behind the popular Indian crypto exchange WazirX and its success.

Another popular crypto exchange in the country, WazirX, has also seen massive growth of 2,648%, especially in small towns and villages across the country and increasing participation of women compared to their urban counterparts.

These statistics are enough for anyone to understand that crypto in India is spreading. The second most populous country in the world is well suited to positively receive cryptocurrencies with an infrastructure well suited to a reliable and cheap internet and a foreclosure that has instead forced citizens and institutions to seek other sources of income. . Exposure to cryptocurrencies also encourages people to understand and talk about how the global monetary system works, especially crypto’s ability to disrupt and innovate an outdated monetary system in the age of digital globalization.

Among the adoption trends observed in India and around the world is the participation of young people. Young people between the ages of 18 and 34 make up more than 40% of crypto users worldwide, according to polling firm Finders.

One of the reasons for this trend is the growth of digital services which make it very easy and accessible to buy, sell or trade cryptocurrencies.

Tier 2 and 3 cities as well as small towns in India have been at the forefront of cryptocurrency adoption in recent years. Some popular exchanges have grown over 2000% from these regions.

Related Reading: Small Town Women Make Up 65% of Indian Cryptocurrency Listings

All of this comes amid a wave of activity in India’s crypto industry, with the government’s finance ministry busy working on laws and regulations for investors willing to invest their money in crypto companies. .

In a recent survey by a global consulting firm, it was found that India may be one of the top crypto leaders in the years to come, especially in the use case of its blockchain technology under -joining, once government and business begin to engage. in a bigger way.

At the time of writing, it is estimated that there are 15 million Indians who have used or invested in cryptocurrencies. The sector has almost quintupled from $ 923 million in April 2020 to $ 6.6 billion in May 2021.

The government has carefully developed its position on cryptos. Earlier in May, the Ministry of Finance acknowledged that the world is changing rapidly in terms of technological advancements in the finance industry. While he has also rejected the idea that cryptocurrency becomes legal tender, he has a rather favorable stance towards cryptocurrencies as an asset class.

After a brief correction earlier this year, the net market cap of all cryptos in total is on the rise again. Source: CRYPTOCAP on TradingView.com Featured image from iStockPhoto, chart from TradingView.com

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