The legal status of cryptocurrency in India is uncertain but it has not dampened the sentiment of Indians from investing in real estate. India has the highest number of cryptocurrency owners globally in terms of the number of individual holders, according to the annual spread index compiled by broker Discovery and Comparison Platform BrokerChoose. The United States and Russia are second and third, respectively. In terms of the number of crypto owners in terms of population, India ranks fifth in crypto ownership, but the country’s net population outpaces other countries.
Ukraine (12.73 per cent), Russia (11.91 per cent), Kenya (8.52 per cent) and the United States (8.31 per cent) are in fifth place with 7.3 per cent. But given India’s huge population compared to Ukraine and Russia, the two nations are not far apart when it comes to the total number of cryptocurrency owners. India owns 10.07 crore cryptocurrencies, followed by the US at 2.74 crore and Russia at 1.74 crore.
The report also looks at cryptocurrency discoveries in countries. Here, the US saw the highest number of crypto-related discoveries, followed by India, the UK and Canada.
Recently, Channelisis published its 2021 Global Crypto Adoption Index, which ranked India second out of 154 nations.
The Chainalysis study has also taken into account the role of large institutional investors in India who are important to us in driving volume. Accounting for 42 per cent of transactions in India, the report recently revealed that the crypto industry in India has grown by 641 per cent, with 59 per cent of activities taking place on DFI platforms.
That said, given that the nation lacks a statutory framework and regulatory requirements for cryptocurrency are still a long way off, India is still far from recognizing its potential as a space powerhouse nation.
Cryptocurrency is an irregular digital currency, not a legal tender and subject to market risks. The information contained in the article is not intended and does not constitute financial advice, trade advice or any other advice or recommendation of any kind offered or approved by NDTV. NDTV will not be liable for any investment loss based on any alleged recommendation, estimate or any other information in the article.