The rise in popularity of bitcoin appears to be unstoppable. Now, research reveals that Indian investors have adopted cryptocurrencies as well. According to a new report by Chain analysis, India’s cryptocurrency explosion has resulted in a massive increase in the number of users. According to the research, India had the world’s second-highest number of cryptocurrency users in 2021. India is second only to Vietnam in terms of bitcoin users, according to the survey, which was published in 2021.
Aside from the increase in cryptocurrency users, the industry research firm’s analysis showed that the country’s crypto market increased by 641 percent last year. While Pakistan ranks third in terms of cryptocurrency users after Vietnam and India, it has had the highest growth, with a 711 percent increase. “While India, Vietnam, and Pakistan all have significant levels of grassroots cryptocurrency acceptance, they’re quite different in terms of the raw transaction value,” according to the survey.
In addition, the research offered plausible reasons for the increase in the number of users based on industry experts’ remarks. For example, Joel John, Principal of LedgerPrime, believes that the simplicity with which crypto investments may be made has encouraged more people to get involved. “Investing in stocks in India is a long, arduous process that necessitates the signing of numerous paperwork. It usually takes three to four days. “It takes less than an hour to invest in cryptocurrency,” Joel John was quoted as saying.
“Tons of Indian developers, fund analysts, and independent freelancers working for abroad clients have started wanting to be paid in cryptocurrencies,” said Krishna Sriram, Managing Director of Quantstamp, according to the story.
The growth in bitcoin usage coincides with Finance Minister Nirmala Sitharaman’s announcement that the government will soon provide clarity on the formalization of cryptocurrencies. Virtual digital assets will be taxed, according to the government’s budget for 2022-23.