India Ranks in Second place on Global Crypto Adoption
Crypto is a revolution and the world is going through this revolution. Many countries have cleared their stand towards crypto but still, some are either exploring the crypto or taking more time to clear their stand towards it. Some countries have even adopted crypto as one of the instruments that can empower their economy and despite this countries like China have banned crypto completely which has certainly not impacted the market much but it will affect them negatively for sure. They have decided to stay away from the crypto revolution which seems storage and maybe someday they all of sudden announce that they are starting their crypto, Anything is possible in. crypto space so we need to be ready for such surprises.
India is one of the countries which is in a neutral state as of now and they seem to be working on the crypto bill but Indians are quite passionate about crypto. It seems that Indians are not ready to wait for the crypto bills and they want to join the train as soon as possible and why I am saying this is because the current adoption ratio clearly says this.
In India, which ranks second on the Global Crypto Adoption Index, 42 percent of the crypto transactions were hefty and institutional-sized, usually amounting to over $10 million (roughly Rs. 74 crores). As per Chainalysis, the trend of paying large amounts of funds via cryptocurrencies is indicative that smart money adoption is on a rise in several nations of the CSAO region.
This is a big thing for sure because the country is growing in the crypto space even when there is no regulation and even no clarity that how the government will treat crypto in the country. Govt can put regulations in place but they can't ban crypto and Indians have understood this thing right it seems as they are adopting crypto and more youngsters are getting onboarded every day. India was in 5th rank in crypto adoption until few months and its has moved to second rank which is great growth and it will not be surprising if it moves further to get the slot in the first place.
India has got more than 20 exchanges and this list is growing because of increasing demand in the county and most of these exchanges work with fiat and very rarely does any Indian exchange work on crypto to crypto model. Its, because people in India don't have any crypto so they need to buy using fiat, and a very less chunk of people, hold crypto which means a bigger opportunity.
India has a population of crore and if just 5% of Indians join crypto then it will add a huge number and will boost the crypto community across the world. This will happen for sure and might take a little longer but looking at the current adoption rate it seems that this milestone will be achieved soon than expected.
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