Indian authorities might be slow in terms of innovation and new technology but not the masses. If you thought that the US, UK or some other country is ahead of India in terms of crypto adoption, then you are wrong. In fact, India’s crypto adoption is the 2nd largest globally and falls just below Vietnam. This is great news as this kind of adoption will push India’s economy forward if crypto reaches the potential which we think it will.
India’s crypto adoption is miraculous
All major countries that have been into crypto with a high adoption rate have seen good laws and support from the government. On the other hand, in India, there were reports that the government could ban crypto altogether. Even after such news, the Indian crypto adoption continued to grow. And once the NPCI clarified that they are not banning crypto, the investors were also relieved. As of now, Indians have so much money in cryptocurrency that it is highly improbable that the government will take any negative steps against it.
There was even a survey conducted globally seeing the adoption rate in different nations. Out of the 47,000 users, 30% were Indians that owned crypto. And coming to their favourite coin, the 1st one was Bitcoin, followed by XRP, ETH, BCH and others. In fact, the exchanges in the country are also doing super well. WazirX, the largest exchange in the country, has been seeing rapid growth in user base and trading volume quarter after quarter.
RBI working on a CBDC
The Indian crypto community and growth is yet to reach their full potential. Once the government releases proper laws that actually favour crypto companies the banks work with exchanges in a better way, the adoption will rise. In fact, the RBI is also working in a central bank digital currency, which will also push innovation and increase adoption rates incredibly. ETFs are also one more thing that can push crypto to new heights. It can bring a lot of population who are not comfortable in direct investing through exchanges and increase further adoption.
What are your thoughts on India’s crypto adoption? And do you think this is just the beginning? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.