- India ranked second in overall crypto searches.
- India’s crypto industry increased 641 percent.
The legislative position of cryptocurrency in India is uncertain, but that hasn’t stopped Indians from investing. Indians are also using digital assets as a payment method. Many companies now accept it. Even freelancers working for foreign clients are already accepting bitcoin payments.
However, investors are still waiting for an official ruling on whether or not Indian cryptocurrency exchanges will be allowed to operate. As of now, it has been under unregulated status. According to the BrokerChoose portal’s annual Crypto Proliferation Index, India has the most cryptocurrency owners globally considering the number of crypto holders, followed by the US and Russia.
In terms of population, with 7.3% of the population, India has the sixth-highest crypto ownership rate. The index is led by Ukraine (12.73%), Russia (11.91%), Kenya (8.52%), and the USA (8.31%). The research also looked at cryptocurrency searches across nations.
Ranked Second in Overall Crypto Searches
In the last year, India ranked second in overall crypto searches, while the US ranked first. Chainalysis’ 2021 Global Crypto Adoption Index placed India second out of 154 nations in August.
The Chainalysis study also noted the importance of big institutional investors in India. They account for 42% of transactions from India. It also recently revealed that India’s crypto industry increased 641 percent, with 59 percent of activity occurring on DeFi platforms.
However, the nation lacks a legislative framework and regulatory requirements for cryptocurrencies. The Ministry of Finance and the Reserve Bank of India (RBI) now have the ball. A winter session cryptocurrency bill, anticipated. The Ministry of Finance has allegedly set up a new committee to investigate whether crypto-trading profits, taxed.
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