What is the future of cryptocurrency in india:Asian countries are the leading adopters of cryptocurrencies. India is ahead of the rest of the world especially. What are the factors that led to this? Here is the comprehensive information on this.
Asian countries are the leading adopters of cryptocurrencies. India is ahead of the rest of the world especially. India ranks second in crypto currency adoption, according to a recent survey by international research firm Finder.
The top five countries that own crypto currency are the Asian countries. Initially, these countries were important for the crypto currency. But the situation has changed. Currently, Asian countries are playing an important role in the fintech sector.
What is the future of cryptocurrency in india
Vietnam tops the global crypto adoption index for 2021. Vietnam makes up about half of its population. 40 people own crypto currencies. The country is followed by India, Indonesia, Malaysia and the Philippines. In Indonesia and India, 30 per cent of those surveyed said they had crypto currency.
According to reports, India is the second most used country for cryptocurrencies. In the meantime the US and Britain have overtaken them. Cryptocurrency accounts for 8% and 9% of the USA and UK respectively.
The Supreme Court has overturned the Reserve Bank’s ban on crypto transactions in India. The country’s crypto sector has seen tremendous growth in the last one year. New consumers, especially retailers, are increasingly attracted towards crypto currency. For example, Coinswitch Kuber, one of the country’s largest exchanges, added about 8 million users last year.
These statistics are enough to understand why crypto currency has become mainstream in India. India is the second most populous country in the world. Here’s a cheap and reliable internet facility. The lockdown situation has been building for the past year and a half. In this case, people search other sources of income. This is one reason why more people are exposed to crypto currency. This crypto currency is an innovation for an old-fashioned economy in this era of digital globalization.
Young people are more likely to own cryptocurrency
Young people are more likely to own crypto currency. According to a Finder survey, 40% of the world’s people with cryptocurrency are between the ages of 18 and 34. Cryptocurrency is extremely easy to buy, sell or trade as this age group is more familiar with digital services.
Familiar to small towns and cities
Crypto currency has also been introduced in the country’s 2nd and 3rd tier cities and small towns in recent years. People here have also stepped up to own a crypto currency. In the last one year, crypto trading in these areas has increased by around Rs. Growth over 2000.
What is the future of crypto currency in India?
According to a survey, there is every possibility that India is a crypto sector leader. There are currently more than 1.5 crore cryptocurrencies in India. Or invested in cryptocurrency. Crypto trading has increased 5-fold in the last one year. However, the government has not yet recognized the crypto currency. The government, which has thought about this in many dimensions, is considering a ban on cryptocurrency.
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