India ranks second in terms of crypto adoption in the world

August 31, 2021

A recent analysis of the markets by the research firm Finder has found that the top five countries in terms of crypto ownership are all located in Asia. Vietnam leads the adoption metrics with almost 40% of its population holding crypto and is followed by Indonesia, India, Malaysia and the Philippines respectively. Almost 30% of individuals surveyed in Indonesia and India stated that they held cryptocurrencies, according to crypto media Bitconist.

The company surveyed 47,000 users worldwide and 30% of those surveyed in India said they owned cryptocurrencies. Bitcoin is the most popular coin in India, followed by Ripple, Ethereum and Bitcoin Cash, according to the report. India’s “huge expatriate population” makes it the world’s number one remittance recipient in the crypto space, Finder said. India had the largest expatriate population in the world, with 18 million people from the country living outside their homeland last year, noted a January 2021 UN report. Crypto adoption in India has also been led by smaller towns in the country.

According to survey firm Finders, youngsters between the age of 18 and 34 constitute more than 40% of crypto users throughout the world. One of the reasons for this trend is the growth of digital services which make it super easy and accessible to buy, sell or trade in cryptocurrencies. At the moment of writing, it is estimated that there are a whopping 15 million Indians who have used cryptocurrencies or have invested in them. The sector has seen almost a fivefold growth, an increase from $923 million in April 2020 to $6.6 billion by May of 2021.

The government has been carefully developing it’s position on cryptos. Earlier in May, the Finance Ministry acknowledged that the world is evolving quickly in terms of technological advances in the Finance sector.

Share
Leave a Reply

Your email address will not be published. Required fields are marked *