- Despite being behind Vietnam, India is ahead of countries such as the United States and China, according to a report.
- In India, 30% of those surveyed claimed they possess cryptocurrency.
- This comes even as worldwide crypto acceptance rose by 880% between June 2020 and July 2021, according to the report.
According to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis, India ranks second in the globe in terms of crypto adoption, trailing only Vietnam but ahead of nations such as the United States of America, UK, and China.
This is due to the fact that global crypto adoption increased by 880 percent between June 2020 and July 2021, according to the report.
According to a poll released this month by the US-based research platform Finder, the top five countries in terms of cryptocurrency adoption are all from Asia.
The company polled 47,000 people globally, and 30% of those surveyed in India revealed they held cryptocurrency. Going by the report, Bitcoin takes the top rank in India, Ripple takes 2nd rank, Ethereum ranks 3rd, and Bitcoin Cash takes 4th .
According to Finder, India’s “huge expatriate population” makes it the world’s number one remittance recipient in the crypto sector. As per a January 2021 UN report, India has the world’s largest expatriate population, with 18 million people residing outside their home country last year.
Smaller towns in India have also been in the forefront of cryptocurrency adoption. WazirX, India’s largest crypto exchange by trading volume, said last week that it has experienced a 2,648 percent increase in customer sign-ups from tier II and tier III cities.
The exchange claims 7.3 million members and claims to have recorded more than $21.8 billion in trading volumes this year.
Coinswitch Kuber, a competitor that ranks among the top crypto exchanges in India by trading volume, observed the similar pattern. It had a 135 percent monthly increase in customer sign-ups from smaller locations, which accounted for 61 percent of the exchange’s total business. According to Sharan Nair, the company’s chief business officer, trading volumes from these cities were close to Rs.431 billion in the previous six months.
According to Naimish Sanghvi, who has been running the cryptocurrency information portal Coin Crunch since 2018, the majority of the interest is garnered via referrals. The fact that cryptocurrencies have earned money for many people virtually overnight has attracted more of them to the space, particularly from smaller places, he believes. Serious investors who want to stay in the space for the long term, on the other hand, have yet to show much interest.