India has around 115 million crypto investors and the country’s crypto economy is growing despite the recent market downturn, with more than half of crypto investors surveyed expecting to grow, new report shows their crypto investments over the next six months.
India’s crypto ecosystem is growing, report says
Cryptocurrency exchange Kucoin released a report on India’s cryptocurrency ecosystem on Tuesday. It presents the results of a survey, conducted from October 2021 to June 2022, which the company described as “an in-depth look at the development of the blockchain industry and crypto space” in India.
The survey respondents were 2,042 Indian adults between the ages of 18 and 60, the company explained, adding that 1,541 of them were self-identified crypto investors and 501 were crypto-curious consumers, who wanted to invest. in crypto in the next six months.
Citing the results of the survey, the report details that in June:
There are approximately 115 million crypto investors in India who currently hold crypto or have traded crypto in the past six months, which represents 15% of India’s population between the ages of 18 and 60.
“The size of crypto investors has seen slight growth in recent months despite the enactment of new tax regulations,” the company wrote. “With the country’s large young and tech-driven population, rapid growth in internet users, and advancements in fintech, crypto is on the path to greater adoption, making India a hotspot. rotating key of cryptography.”
The United Nations Conference on Trade and Development (UNCTAD) also recently estimated the number of crypto investors in India. In a report published in June, the organization said that 7.3% of the total population in India owns digital currency. The UN estimated in July that India had a population of 1.41 billion.
The Kucoin report adds that despite the recent crypto market downturn:
More than half [of] crypto investors plan to increase their crypto investments over the next six months, indicating bullish sentiment towards the market.
The report also notes that “Despite the local government’s stance on digital assets and levying a 30% tax on digital asset revenue, India’s crypto market is expected to reach $241 million by 2030. “.
According to survey respondents, the top barriers to investing in crypto assets are knowledge, regulation, and security. “The ambiguity of government regulations has been a key deterrent to potential investors,” the report details, stating:
33% say government regulation is a concern when considering investing in crypto.
“The security of investing in crypto is also a concern for many, with 26% worried about hackers being a threat and 23% worried about not getting their money back in the event of security incidents,” the report adds.
India is still working on cryptocurrency regulation. The Indian government has consulted with global organizations, such as the International Monetary Fund (IMF) and the World Bank, on crypto policies. Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), has recommended banning all cryptocurrencies, including bitcoin and ether. This week, the central bank governor warned that the crypto market could crash and retail investors will lose money. The RBI is also preparing to issue a central bank digital currency (CBDC).
What do you think of Kucoin’s discoveries? Let us know in the comments section below.
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