Skip to content

Cryptocurrency Bulletin

Crypto Wallets, News, Reviews and Guides

Menu
  • Home
  • Crypto Prices
  • Analysis
  • Best Crypto Wallets
  • Crypto Market Updates
  • Interviews
  • News
  • Metaverse
  • Bitcoin
  • Predictions
  • Scams
  • Opinion
  • Videos
  • People
  • Brokers
  • Exchanges
  • Guides
  • Cryptofinance
  • Sitemap
Menu

New Report Reveals Crypto Adoption Rate is High in India

Posted on October 23, 2021

A new article published by the Times of India claims that Indians are rapidly warming up to the idea of cryptocurrency investment. The paper also quoted several technical reports published by independent analysis to support the argument. A recent study conducted by Portal Borker’s Choice claims that India is the fifth largest country in the world in terms of cryptocurrency adoption.

The survey claims that after regions like the USA at 8.31%, Ukraine at 12.73%, Russia at 11.91%, and Kenya at 8.52%, India has the highest rate of cryptocurrency adoption in the world. It is worth noting that the survey also takes into consideration the internet search results in the said region to determine the said results. As per this report, Indians have made around 36 lakhs searches in the last month regarding cryptocurrencies which is the 2nd largest out of 154 countries.

Another analysis firm Kantar has also surveyed India to find out that what type of people is taking an interest in Bitcoin and its variants. The report published by this survey claims that a major amount of Bitcoin adopters in India are within the age bracket of 21-35. It is important to note that the biggest concentration of these investors is found in the metro cities, and they identify as high-risk-tolerant investors.

Majority of Investors Prefer Bitcoin

The technical analysts have also pointed out that the recent rise in Bitcoin adoption in India is reflected in the 50% increase in the price point of the flagship cryptocurrency. The survey by Kantar shows that about 75% of the crypto investors in India prefer Bitcoin, while there is a 40% preference rate for Ethereum, 23% for BNB, and 18% for XRP tokens.

The biggest government influence on the topic of cryptocurrency is related to the rulings of the Finance Ministry and RBI. A dedicated committee of the Finance Ministry is set out to research how much capital gains taxes can be implanted on digital asset investors. On the other hand, the Reserve Bank of India (RBI) is planning to launch a CBDC or Central Bank Digital Currency before the end of next year.

There are several major cryptocurrency exchanges like WazirX, CoinDCX, ZebPay, BuyUcoin, CoinSwitch Kuber (CSK), Unocoin, and others that are emerging as the biggest platforms for investors in India. CSK has managed to raise $260 million in funds last week for the development of its operations in the region. On the other hand, WazirX is planning to engage more audiences by allowing the investors to start as low as 100 to 500 INR worth of cryptocurrency investment.

Cryptocurrency Bulletin is a blog dedicated to providing concise and up-to-date information on the latest developments in the world of digital currencies, blockchain technology, and decentralized finance.

Looking for something?

RSS Crypto Market Updates

  • FDIC Gives Deadline Next Week for Crypto Depositors Stranded by Signature Failure
  • Canada to Ask Pension Funds to Disclose Crypto Exposure
  • NFT Collection Y00ts Makes Anticipated Move From Solana to Polygon
  • Bitcoin Layer 2 Stacks' Token a Top Performer in March
  • Crypto’s Unfulfilled Dreams Get a Tailwind From U.S. Crackdown on Binance, Coinbase
  • Ethereum Staking Provider Lido to Incorporate NFTs Into Unstaking Process
  • Zebedee Debuts Global Payment Service Powered by Bitcoin’s Lightning Network
  • Bitcoin Seesaws Around $27K as Investors Digest Binance-CFTC Lawsuit
  • Chicago-Based Radix Trading Is One of Three Quant Firms in Binance Suit: WSJ
  • U.S. CFTC Chief Behnam Reinforces View of Ether as Commodity

Recent Posts

  • JETbitX Review – What To Expect From This Broker?
  • UniTrust Venture – Things you need to know about this trading brand before opening an account
  • Axia – A Broker That Can Be Trusted? (Axia Review 2023)
  • Is Copy Trading Worth Your Time? Here’s What You Need To Know
  • PayPal Joins ConsensYs To Implement Metamask
  • Amber Group Acquires Sparrow Holdings To Expand To Singapore
  • Binance Stopped Withdrawals in USDC on December 11
  • Does Grayscale Have Enough Bitcoin In Its Reserves
  • Dubai Is Developing New Cryptocurrency Regulations
  • NFT Is Receiving Attention On The Governmental Level

Categories

Archives

©2023 Cryptocurrency Bulletin | Design: Newspaperly WordPress Theme