India is currently a crypto hot-spot. Indians’ interest in crypto is extravagant and the reason for this is that India is the world’s second-most populous country after China. As of today, India’s population exceeds 1.37 billion and it is slightly behind China whose population is 1.41 billion approximately.
Both countries are huge and are self-sufficient when it comes to technology and innovation. There is this sense of trade rivalry amongst China and India and both share borders with each other as neighbors. But when the matter involves adoption of cryptocurrencies, then of course China is far ahead of India. Yet, in recent times, the crypto market in India is one that is rapidly growing exponentially. On the other hand, China has been seen disintegrating itself from the use of digital currencies. The reason for China’s disintegration is the “digital Yuan”, a digital currency which is owned by China itself.
If both countries are compared together, with regard to having highest number of crypto owners, then India is ahead of China. India is even far ahead of any other country or territory in the world where crypto owners are living. For example, India, at presently, is housing more than 100 million crypto owners of the world. This is by far the highest number of crypto owners living in any particular country. This very fact was duly confirmed and acknowledged by an independent surveyor entity called “Broker Chooser”.
For earning this title, India has had to take down countries like USA, Russia and Nigeria which hold the spots i.e. 2nd, 3rd and 4th. In comparison with India, the number of crypto owners in the US is 24 million. In Russia the number is 10.74 million and in Nigeria there are only 10.3 million crypto owners. However, the journey of India on the road of digital currencies is relatively new as compared to the US and Russia. The latter were amongst the initial adopters of digital currencies and still dominate global crypto economy.
In addition, the progress of India with regard to crypto is also very special. When the crypto boom came in 2019, India was able to see crypto market growing in the country. However, the Government of Indian imposed a complete ban on any kind of use of cryptocurrencies. The ban was recently lifted in March 2020 and the ban was suspended by an order of the Indian Supreme Court. But still there is an apparent uncertainty with regard to crypto use in India, particularly in the Indian Government quarters. Though for now crypto is not banned, yet the crypto atmosphere in India is not very pleasant.
In view of these statistics, India would now need to act sensibly and provide a crypto-friendly business environment because interest is there.