- Following Vietnam, Indian is the second country with the highest rate of crypto adoption in the world.
- Around 40 percent of Vietnamese hold crypto, 30 percent of Indians own cryptocurrency.
Survey has revealed that India is one of the two top countries in the world, with the largest scale of crypto adoption. According to a new report, the people of India are adopting crypto faster than other countries across the globe. As it stands, India is the 2nd country with the highest crypto adoption. Interestingly, the first country is not the US, where many millennials are interested in crypto assets, or China which has achieved milestones in its CBDC’s development. The first country on the list is Vietnam.
The news on Indians adopting cryptocurrency at a fast rate follows rumours of a crypto ban in the country. Earlier this year, there was news that the government of India is planning to put an end to crypto.
30 percent of the population of India holds crypto
The survey was able to answer by calculating the percentage of the population with cryptocurrency. According to the findings, 30 percent of the people in India own crypto. On the other hand, about 8 percent to 9 percent of UK and US residents have cryptocurrency. India’s high percentage may be tied to the fact that the country has quite a large population. Notably, Vietnam, the first country with the highest rate of crypto adoption, has 40 percent of residents holding cryptocurrency.
One of the major reasons fueling crypto adoption in India is the coronavirus pandemic. At the peak of the pandemic and the world was forcefully shut down, many people had to find other ways to earn money for their families upkeep. As such, a lot of people shifted to crypto as a means of income. During the same time, there was an increased number of traders in the crypto market as well as investors.
Another primary reason triggering the addition of crypto assets among Indians is the growth of millennials. The younger generation seems to accept cryptocurrency more than the older generation. These young adults are more internet savvy and better understand the concept of cryptocurrency.
RBI clears the air on crypto ban
In addition, the people of India have been increasing their crypto holding since the Reserve Bank of India (RBI) clarified that crypto is not banned in India. Before the clarification, Indian commercial banks were one of the threats crypto investors were facing. Some banks warned crypto investors of the possible closure of accounts if they transact cryptocurrencies. Also, money deposit services and portals were not working efficiently with crypto exchanges. However, Indians were relieved when the RBI cleared the air about the crypto ban.
With the global race for CBDC creation, RBI governor Shaktikanta Das has noted that India’s digital rupee pilot may begin in December. The governor said that the bank has been examining the possible impact of a CBDC on the nation’s finances. According to the governor, RBI is “being extremely careful” in the DBDC development.