A recent report suggests that India has around 115 million crypto investors, a huge number. Despite the recent downfall in the market, the crypto market of India is growing at a very high speed, with more than 50 percent of the investors planning to expand their investments in the upcoming few months. This is also happening even after the numerous warning issued by the RBI.
Indian Crypto Market is on the right path
Kucoin released a report on the ecosystem of India’s cryptocurrency last Tuesday. It consisted of a popular survey conducted between Oct 2021 and June 2022.
The company said that despite enacting the new tax rules and regulations in India, the number of cryptocurrency investors had seen great growth in the last few weeks. It added that India’s large technology-driven population and rapidly growing self-interest toward crypto advancements make it the next crypto hub. However, there are several issues that are coming down this path for India.
Also, UNCTAD estimated the amount crypto investors in India, which stated that around 7.3% of the country’s population owns a digital currency. The UN also estimated that India currently has a population of 1.41 billion. It means that around 10 crores of Indians hold digital currency in their wallet.
Concerns about investing in cryptocurrency
In recent times, the security concerns regarding cryptocurrency investing for Indians have been at their peaks. Around 30 percent of investors worry about black hat hackers being a threat, and 23 percent fear that their money will not be returned in case of any security problem, the Kucion reports say. This could be a major problem for the Indian market in the future and would become a barrier to its market growth.
Conversely, the Indian government is still functioning on the crypto rules and regulations. The government has consulted with many global organizations like the IMF on different crypto policies to build better laws for their people. However, the RBI has recommended the government ban all cryptos, which would be a very big blow to the market and lead it to its lowest point.
What are your thoughts on the Kucoin report that shows India has around 115 million crypto investors? Do you agree with the numbers and results? Let us know in the comments below. And, if you found our content informative, then share it with your family and friends.