India ranks prominently among the world's largest cryptocurrency holders. However, crypto acceptance has not been simple in the region, as the Reserve Bank has battled it on several occasions.
Crypto trading, DeFi projects, and Blockchain technologies are all gaining in popularity in the country, which benefits fans. This year's crypto adoptions have doubled, according to Nimbus, one of the country's most notable crypto companies.
India is the second-best country in terms of bitcoin usage, according to data gathered through polls. National regulators have continually attacked the virtual market since its inception, attacked which have recently relaxed. Regardless of the regulations, the crypto market in the country has increased since last year.
One of the crypto platforms that have profited from this rise in adoptions is CoinSwitch who has raised over $8 million. The researchers clarify this crypto investments wave is led by the community of young people ranging from 18 to 35 years old. Citizens between 35 and 45 years of age are also seen to have many investments.
The largest area where cryptocurrencies are bought is not in New Delhi, the capital of India, but in nearby cities. Indians are using cryptocurrencies as a method of payment and passive investment.
Crypto adoptions of the future
The survey also suggests that India is among the top countries to invest in cryptocurrencies. This investigation was organized by the company PwC among the main holders in the country. The company believes that the cryptocurrencies purchase in South Asia will continue to increase in the coming years.
The research agency in India believes that at least 15 million citizens have invested in cryptos since 2020. Last year it closed with over $923 million in funds for cryptocurrencies, and ten months later, the adoptions totaled $ 6.6 billion. These figures indicate that the 2021 crypto market has grown by 400 percent, and the year is not over yet.
Although there is evidence that the country has a good reception towards crypto, the government still does not accept Bitcoin. However, the national authority may change its stance on cryptocurrencies after negotiations.
For now, the government proposes to study the Blockchain network to take advantage of it. India looks forward to becoming a cryptocurrency powerhouse, becoming the perfect replacement for China.
