- Cryptocurrency Bitcoin and other such investments are picking up steam in India ahead of Diwali.
- The Centre is currently in the process of introducing a bill to regulate cryptocurrencies in India.
- The country was ranked among 50 nations on the level of interest and awareness for cryptos among its people.
India has the highest number of crypto owners in the world at over 10 crores, reveals BrokerChooser. The US came in second with 2.74 crore cryptocurrency owners, followed by Russia (1.74 crores) and Nigeria (1.30 crore). Despite the volatility in prices and lack of regulation in the cryptocurrency ecosystem, countless Indians are warming towards digital currency.
In terms of the number of crypto owners as a percentage of the total population, India stood at the fifth spot at 7.30%. Ukraine ranked first with 12.73% people of the total population owning crypto followed by Russia (11.91%), Kenya (8.52%), and the US (8.31%). In terms of internet searches in the past 12 months, India stood second with almost 36 lakh crypto searches after the US, which saw the highest number of searches at 69 lakh.
Cryptocurrency exchanges like Bangalore-based CoinSwitch Kuber and CoinDCX are touting Bitcoin as another option. In an advertisement for CoinSwitch, Ranveer Singh, star of some of the country’s biggest blockbusters films, delivers a rap in Hindi about just how simple crypto trading can be. At the end of Q2 2021, the global crypto adoption grew by more than 2300 percent since Q3 2019 and over 881 percent in the last year, the index had said.
Shivam Thakral, CEO of cryptocurrency exchange BuyUcoin said:
“Digital assets have caught everyone’s attention not only because it has emerged as the best asset class of 2021 but also because other asset classes are not able to fulfill the aspiration of the smart investors who want their money to grow in tandem with global growth rate.”
In 2018, the Reserve Bank of India (RBI) had banned banks from supporting crypto transactions in lieu of the rising number of fraud cases through virtual currencies. However, the Supreme Court squashed the ban in March 2020, saying cryptocurrencies were not illegal but unregulated in India. Since then, there has been an exponential rise in interest in cryptocurrencies.
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