Cryptocurrency’s legal in India is uncertain but that hasn’t intense 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 rank a fairly distant second and third.
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 this rankings are :
- Ukraine (12.73%),
- Russia (11.91%),
- Kenya (8.52%),
- US (8.31%),
- India (7.3%)
India’s population is huge in comparison to the likes of Ukraine and Russia but these 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.
Chainalysis also publish its 2021 Global Crypto Adoption Index in which India is on second out of 154 nations.
The Chainalysis study also note the role of big institutional investors in India who we’re key in driving volumes.
Accounting for 42% of transactions from India, the report also recently reveale that India’s crypto industry increased 641%, with 59% of activity occurring on DeFi platforms.
Since India lacks a legislative framework and regulatory requirements for cryptocurrencies are still a fair bit away and India is still far from realising its potential as a powerhouse nation in the space.
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