Rapid Growth of Cryptocurrency Industry in India.

No matter how much uncertainty there may be in India regarding cryptocurrency investments and this market, this has not dampened the enthusiasm of Indians who wish to invest in crypto. An annual proliferation index report of broking services platform BrokerChoose has been published, in which the platform has revealed that India has the largest number of individuals holding cryptocurrencies in the world. The United States is at number two and Russia is at number three. If we look at the number of crypto owners in terms of population, then India is at number five with crypto ownership rate, but the number of investors in proportion to population, the rest of the countries are nowhere in front of them.

Ukraine (12.73 percent) tops the ranking of crypto investors in a country as a proportion of its population.

Then Russia (11.91 percent), Kenya (8.52 percent), US (8.31 percent) and India are at number five with 7.3 percent.

But since India's population is huge, if we look at the figures, then India's crypto owners are much more than these countries.

The number of individual crypto owners in India is 10.07 million, while the US has just 27.4 million and Russia has 1.74 million.

Also read: It is necessary to do KYC before trading in Cryptocurrency, know why and how verification is done

In this report, it has also been found that where most of the crypto related information is being searched in the world.

The US is at number one in this list, followed by India, UK, and Canada. 

Recently, Chainalysis released its 2021 Global Crypto Adoption Index, in which India was ranked second among 154 countries.

The role of institutional investors in driving the volume of cryptocurrencies was outlined in this report.

The report, which said that 42 percent of crypto transactions are from India, also said that the crypto industry in India has grown 641 percent, out of which 59 percent of the activities are happening on DeFi platforms i.e. decentralized finance platforms.