Why India’s Population Owning Cryptocurrency Estimates Might Be Exaggerated

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As the debate over regulating, or even banning, private cryptocurrency grows, it is important to know what the real size of the Indian crypto market is.

Cryptocurrency Themes | taxpayers | income tax data

Last month, a not-so-popular cryptocurrency exchange claimed that the number of people owning cryptocurrency in India had exceeded 100 million. That’s a huge number, and there are more reasons for it to be unrealistic than a reasonable estimate. What makes the number highly unlikely? To put the 100 million in the right context, let’s look at how many Indians are registered in various financial channels.

Let us first take the base of the direct tax. In India, there are around 84.5 million taxpayers, which includes both individual taxpayers and businesses. The number …

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First published: Wed 24 November 2021. 20:33 IST

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