India Recorded Second-Highest Cryptocurrency Users In World In 2021, Reveals New Report

The reputation of cryptocurrency appears to point out no indicators of slowing down. Now, information means that traders in India even have embraced cryptocurrency. According to a brand new report by Chainanalysis, the growth in cryptocurrency in India has resulted in an amazing rise within the variety of customers within the nation. In 2021, India recorded the second-highest variety of cryptocurrencies customers all over the world, the report said. The report, launched in 2021, reveals that India is second solely to Vietnam within the variety of cryptocurrency customers. In addition to the rise within the variety of cryptocurrency customers, the report by the trade analysis agency additionally reveals that the nation's crypto market grew by 641 per cent within the 12 months. While Pakistan comes third by way of the variety of cryptocurrency customers after Vietnam and India, it noticed essentially the most progress at 711 per cent. The report additionally famous right here that “while India, Vietnam, and Pakistan all have high levels of grassroots cryptocurrency adoption, they're quite different in terms of the raw transaction value.”Additionally, the report cited doable causes behind the surge within the variety of customers based mostly on feedback by trade consultants. For occasion, Joel John, Principal at LedgerPrime, stated that it may very well be the convenience of crypto investments that has inspired more individuals to heat as much as it. “Investing inequities in India is a long, painful process that requires you to sign lots of documents. It takes about three to four days. Investing in crypto takes less than an hour,” Joel John was quoted as saying.Meanwhile, Krishna Sriram, Managing Director at Quantstamp, was cited within the report as saying, “Tons of Indian developers, fund analysts, and independent freelancers working for overseas employers have started requesting to be paid in cryptocurrency.”The rise within the variety of cryptocurrency customers comes at a time when Finance minister Nirmala Sitharaman has stated that the federal government will carry readability on formalisation of cryptocurrency quickly. In the funds for 2023-23, the federal government has introduced that digital digital property can be taxed.