A new article published by the Times of India claims that Indians are rapidly warming up to the idea of cryptocurrency investment. The paper also quoted several technical reports published by independent analysis to support the argument. A recent study conducted by Portal Borker’s Choice claims that India is the fifth largest country in the world in terms of cryptocurrency adoption.
The survey claims that after regions like the USA at 8.31%, Ukraine at 12.73%, Russia at 11.91%, and Kenya at 8.52%, India has the highest rate of cryptocurrency adoption in the world. It is worth noting that the survey also takes into consideration the internet search results in the said region to determine the said results. As per this report, Indians have made around 36 lakhs searches in the last month regarding cryptocurrencies which is the 2nd largest out of 154 countries.
Another analysis firm Kantar has also surveyed India to find out that what type of people is taking an interest in Bitcoin and its variants. The report published by this survey claims that a major amount of Bitcoin adopters in India are within the age bracket of 21-35. It is important to note that the biggest concentration of these investors is found in the metro cities, and they identify as high-risk-tolerant investors.
Majority of Investors Prefer Bitcoin
The technical analysts have also pointed out that the recent rise in Bitcoin adoption in India is reflected in the 50% increase in the price point of the flagship cryptocurrency. The survey by Kantar shows that about 75% of the crypto investors in India prefer Bitcoin, while there is a 40% preference rate for Ethereum, 23% for BNB, and 18% for XRP tokens.
The biggest government influence on the topic of cryptocurrency is related to the rulings of the Finance Ministry and RBI. A dedicated committee of the Finance Ministry is set out to research how much capital gains taxes can be implanted on digital asset investors. On the other hand, the Reserve Bank of India (RBI) is planning to launch a CBDC or Central Bank Digital Currency before the end of next year.
There are several major cryptocurrency exchanges like WazirX, CoinDCX, ZebPay, BuyUcoin, CoinSwitch Kuber (CSK), Unocoin, and others that are emerging as the biggest platforms for investors in India. CSK has managed to raise $260 million in funds last week for the development of its operations in the region. On the other hand, WazirX is planning to engage more audiences by allowing the investors to start as low as 100 to 500 INR worth of cryptocurrency investment.