Report Shows Indian Crypto Market Is Growing as the Country Has 115 Million Crypto Investors – A research on India’s cryptocurrency ecosystem was released last Tuesday by cryptocurrency exchange Kucoin. It contains the findings of a survey that the company termed as “an in-depth look into the development of the blockchain industry and crypto space” in India, and that was carried out between October 2021 and June 2022.
The company stated that there were 2,042 Indian adults who participated in the poll, ranging in age from 18 to 60, and that 1,541 of them self-identified as cryptocurrency investors and 501 were crypto-curious consumers who planned to invest in cryptocurrencies over the next six months.
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The report cites the poll findings and states that as of June:
“In India, there are about 115 million crypto investors, or 15% of the country’s population between the ages of 18 and 60, who either presently own crypto or have traded it in the past six months.”
“The size of crypto investors has seen a mild growth over the past few months despite the enactment of new tax regulations,” the company wrote. “With the country’s large technology-driven young population, rapidly growing internet users and fintech advancement, crypto is on its way to greater adoption, making India a key crypto hub.”
Recently, the number of cryptocurrency investors in India was also assessed by the United Nations Conference on Trade and Development (UNCTAD). According to a report released in June by the organization, 7.3% of India’s overall population is in possession of digital currency. India’s population was estimated at 1.41 billion people by the UN in July.
Despite the current downturn in the cryptocurrency market, the Kucoin report continues:
“More than half of crypto investors plan to increase their investment in crypto in the coming six months, indicating an optimistic sentiment towards the market.”
The report also mentions that the Indian crypto market is anticipated to reach $241 million by 2030, despite the local government’s stance on digital assets and the imposition of a 30% tax on income derived from digital assets. Knowledge, regulation, and security are the main obstacles to investing in crypto assets, according to survey respondents. The report explains: “The ambiguity in government regulations has been a key factor deterring potential investors.”
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India is still working on regulating cryptocurrencies. Regarding cryptocurrency regulations, the Indian government has consulted with international bodies including the World Bank and the International Monetary Fund (IMF). The Reserve Bank of India (RBI), the country’s central bank, has proposed outlawing all cryptocurrencies, including bitcoin and ether. The central bank’s governor issued a warning last week that the cryptocurrency market may implode and cause small investors to lose money. Additionally, the RBI is also preparing to issue a central bank digital currency (CBDC).
