A new report shows that India has roughly 115 million crypto investors, and the country’s crypto economy is growing despite the recent market downturn, with more than half of the crypto investors surveyed planning to increase their crypto investments in the coming six months.
Indian Crypto Ecosystem Grows, according to a Report
Cryptocurrency exchange Kucoin published a report on India’s cryptocurrency ecosystem Tuesday. It features the results of a survey, conducted from October 2021 to June 2022, which the company described as “an in-depth look into the development of the blockchain industry and crypto space” in India.
According to the survey, 2,042 Indians aged 18-60 were the respondents. The company also explained that 1,542 of these were self-identifying crypto investors, while 501 were curious consumers who are interested in investing crypto over the next six months.
According to the survey, this report describes that June was:
India is home to approximately 115million crypto investors. They hold or traded crypto within the last six months. This accounts for 15% Indians between the ages of 18-60 years.
“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.”
Recent estimates by the United Nations Conference on Trade and Development, UNCTAD, also revealed that India has a large number of cryptocurrency investors. The UNCTAD published a report in June stating that digital currency accounts for 7.3% Indians. In July, the UN stated that India was home to 1.41 billion people.
Kucoin’s report states that even with the current crypto market slump:
Mehr than half [of]Investors in crypto plan to raise their investments in crypto over the next six-months, which indicates a positive outlook towards the market.
The report also notes that “Despite the local government’s stance on digital assets and the levying of a 30% tax on income received from digital assets, the Indian crypto market is expected to reach $241 million by 2030.”
Respondents to a survey stated that knowledge, regulation, security, are the main barriers to investment in crypto assets. “The ambiguity in government regulations has been a key factor deterring potential investors,” the report details, elaborating:
33% say that crypto regulation concerns them when they consider investing.
“The safety of investing in crypto is also a concern for many, as 26% worry about hackers being a threat, and 23% fear that they may not get their money back in case of security incidents,” the report adds.
India still works on regulation of cryptocurrency. Indian officials have been working with international organizations such as the International Monetary Fund, (IMF), and the World Bank to develop crypto-related policies. Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), has recommended banning all cryptocurrencies, including bitcoin and ether. A central bank governor has warned that the crypto markets could collapse and that small investors may lose their money. A central bank digital currency (CBDC) is being prepared by the RBI.
Let us know what you think of the Kucoin findings. Please comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.