India is a leader in the adoption of cryptocurrencies. Why?

Countries in Asia, especially India, are outperforming the rest of the world in adopting cryptocurrencies. A recent market analysis conducted by research firm Finder found the top five countries in terms adoption of cryptocurrencies is located in Asia. Although these countries were previously considered unimportant, a recent study contradicts this.

Adoption management metrics Vietnam, where almost 40% of its population holds cryptocurrencies, and they follow Indonesia, India, Malaysia a Philippines. Nearly 30% of individuals surveyed in Indonesia and India said they held cryptocurrencies.

According to reports, India ranked second in the survey of countries that use cryptocurrencies the most. The US and the United Kingdom, meanwhile, had the lowest share of holders, at 8% and 9% respectively.

After the Supreme Court of India ruled out a banking ban on cryptocurrency transactions, there was a massive increase in new users, especially retailers. For example, one of the largest exchanges in the country CoinSwith has gained 8 million users in the last year.

The second most populous country in the world is suitable for the adoption of cryptocurrencies with infrastructure suitable for cheap internet. This has forced citizens and institutions to look for other sources of income.

Younger people lead the crypto adoption

According to the research company Finders, young people between the ages of 18 and 34 represent more than 40% of cryptocurrency users worldwide. One of the reasons for this trend is the growth of digital services, which makes buying, selling or trading cryptocurrencies very easy and affordable.

Level 2 and Level 3 cities, along with small towns in India, have been leading in the adoption of cryptocurrencies in recent years. Some popular exchanges can boast an increase of more than 2000% from these regions.++-

India and the future of cryptocurrencies

India may be one of the leading leaders in cryptocurrencies in the coming years. At the time of writing, it is estimated that there are 15 million Indians who have used or invested in cryptocurrencies. The sector has seen nearly fivefold growth, up from $ 923 million in April 2020 to $ 6.6 billion in May 2021.

The government is carefully developing its position on cryptocurrencies. In early May, the Treasury recognized that the world was evolving rapidly in terms of technological advances in the financial sector. Although it also rejected the idea of ​​making a cryptocurrency legal tender, it has a more favorable view of cryptocurrencies than of the asset class.