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India has twice as many cryptocurrency users as the US, the UK and Russia combined

2 min read

 

According to a recent TripleA report, the number of cryptocurrency users exceeded 280 million in global numbers. India is at the top of the list with a big lead.

Published data show that India currently has more than 100 million users of digital currencies, corresponding to 7.3% of the country’s population.

Cryptocurrency ranking according to cryptocurrency users

Elsewhere on the list are the United States with 27.4 million cryptocurrency users, followed by Russia with 17.3 million users and Nigeria in fourth place. The top five is closed by Brazil with 10.3 million users.

Interesting is the fact that the cumulative number of users of digital currencies from the US, UK and Russia (48.2 million) is still more than twice as low as India.

 

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Top 10 countries by number of cryptocurrency users – Source: TrippleA

 

Along with the growing number of users, the number of companies (accepting cryptocurrencies as a method of payment) will also increase to more than 18,000. Among the leading brands that now accept payments in cryptocurrencies, let’s mention for example Burger King, Expedia or Rakuten.

Global acceptance of cryptocurrencies is growing

Global acceptance of cryptocurrencies generally accelerated in 2021 due to increased investment by institutions, which in turn led to increased interest in digital currencies in general.

At the same time, the economic impact of the COVID-19 pandemic has led most people to adopt digital currencies that can be considered a kind of pillow. With the devaluation of fiat currencies, cryptocurrencies are increasingly also perceived as a form of hedging and an alternative to gold.

The growing use of cryptocurrencies in India

In recent months, India has also seen a shift in the use of digital currencies, and many smaller cities are becoming new hubs for virtual currency investors.

Data from cryptocurrency exchanges clearly show that investors from smaller cities are increasingly investing in Bitcoin and other digital currencies. The country also boasts a young population that has jumped massively on the cryptocurrency wave, especially amid economic unrest following the coronavirus pandemic.

India’s cryptocurrency has grown in recent years, despite regulatory ambiguity and extreme volatility associated with digital currencies. However, the country’s regulatory environment has undergone significant changes in recent months as the government seeks to tax cryptocurrency transactions and the country’s tax office seeks to enforce taxation on any activity that generates revenue in the digital currency sector.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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