27 October 2021
Even though the Modi government is looking forward to regulating the Crypto Industry, but the craze around Bitcoin and other Cryptos is growing tremendously in India.
Based on the total global searches of the past 12 months, the number of Crypto owners, the Global Crypto Adoption Index, and other factors, India ranks as the seventh most ‘Crypto-aware’ country. Previously, the country was ranked among 50 nations in the latest study by the broker discovery and comparison platform BrokerChooser.
Furthermore, India bagged 4.3/10 on a Crypto awareness score ahead of Australia, Singapore, Canada, France, Germany, Japan, etc. While Ukraine topped the chart with a 7.97 score, followed by Russia, the US, Kenya, South Africa, and the UK. In terms of Crypto owners, India topped the tally with over 10 crore owners followed by the US and Russia. In August this year, India was ranked second out of 154 countries on the 2021 Global Crypto Adoption Index by Chainalysis.
At the end of Q2 2021, the Global Crypto Adoption surged by 2300 per cent. The reason for that is “in emerging markets was that many turn to Cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions, while adoption in North America, Western Europe, and Eastern Asia over the last year has been powered largely by institutional investment.”
In addition, Cryptos’ role in job creation also is increasing gradually. From around 50,000 individuals currently, the industry can create more than 8 lakh jobs by 2030, and the industry is expected to reach $241 million in size by 2030 in India.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.