The legal status of the cryptocurrency in India is uncertain, but that has not dampened the spirit of Indians to invest in the asset. According to an annual diffusion index compiled by broker discovery and comparison platform BrokerChoose, India has the highest number of cryptocurrency owners in the world in terms of individual number of holders. The United States and Russia came in second and third, respectively. In terms of number of crypto owners in relation to population, India has the fifth highest crypto ownership rate, but the country’s sheer population blows other countries over.
Based on the percentage of a country’s population that owns crypto, the ranking is made up of Ukraine (12.73 percent), Russia (11.91 percent), Kenya (8.52 percent), and the United States (8.31 percent) Percent), while they are in fifth place with 7.3 percent. But since India’s population is gigantic compared to people like Ukraine and Russia, the two nations are not even remotely close when we look at the total number of cryptocurrency owners. While India has 10.07 billion holders of cryptocurrencies, the US has 2.74 billion and Russia 1.74 billion.
The report also looked at finding cryptocurrencies in all countries. This is where the US had the most crypto-related searches, followed by India, the UK, and Canada.
Chainalysis recently released its 2021 Global Crypto Adoption Index, which ranks India second out of 154 nations.
The Chainalysis study also identified the role of large institutional investors in India, the volume of which we are increasing significantly. The report, which accounts for 42 percent of transactions from India, also recently found that the Indian crypto industry has grown 641 percent, with 59 percent of activity taking place on DeFi platforms.
However, with the nation lacking a legal framework and with regulatory requirements for cryptocurrencies still a long way off, India is still a long way from realizing its potential as a powerful nation in space.
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