With the popularity of cryptocurrencies skyrocketing in the global market, India ranks second in the world for the adoption of crypto assets. This is a recent study by the blockchain data platform Chainalysis, which ranked 154 countries worldwide according to cryptocurrency adoption rates since last year.
Therefore, according to a research report, India is comfortably sitting in second place with an index score of 0.37, which is below Vietnam, as the global cryptocurrency adoption rate exceeded 881% last year. A Chainalysis study ranked countries according to the total amount of cryptocurrencies received, the amount of cryptocurrencies transferred in transactions under $ 10,000, and the amount of peer-to-peer (P2P) transactions.
According to the report, India has begun to gain momentum in cryptocurrency adoption in accordance with the rules of the Supreme Court passed in March 2020. This rule has eradicated the RBI Directive banning bank and financial institution transactions passed in 2018 such digital currencies.
Therefore, following the abolition of the RBI Directive, India’s top crypto exchanges have doubled their marketing budget to promote domestic cryptocurrencies. As a result, it has become a popular investment option for people under the age of 25, especially millennials. In addition, on India’s top crypto exchange platforms such as WazirX, user sign-up increased by 439%, while users’ base of the country’s first cryptocurrency, Unicorn CoinDCX, increased by almost 700% over the same period.
However, many of these crypto platforms are reported to operate with limited bank access. Therefore, the Indian crypto industry is now Proposed cryptocurrency bill It was raised by Indian Finance Minister Nirmala Sisaraman. Currently, it is waiting for the approval of the ruling party government.