Indians have been adopting cryptocurrency at such a rapid rate recently, that it appears that the nation is also taking the world by storm in regard to the way that they have been embracing it.
Chainalysis recently created a report that has shown just how much India has taken to virtual currency recently, with it being found that the country has the second-highest number of cryptocurrency users in the world; some would argue that statistic is perhaps hardly a surprise given the fact that the nation is the second-biggest in terms of population.
Nonetheless, the country – which is only second to Vietnam in regard to crypto holders – has enjoyed a huge boom in its crypto market as it had experienced a huge 641% growth rate; again, only second to Pakistan which had found that there experienced a growth of 711%.
The rate at which cryptocurrency is being adopted and embraced by Indians, as well as much of the entire world, certainly does not appear to be showing any signs of being anything like a fad that some may have initially have suggested it would be. Indeed, it would seem that virtual currency is here to stay and something that many want a piece of.
According to recent data that has been collected and provided in a report by Chainanlysis, the boom that has been experienced in regard to digital assets has seen a huge amount of users of virtual tokens emerge from India, with 2021 providing the second-highest number of cryptocurrency users in the world to have been recorded. In that report, it was highlighted that only Vietnam had seen a greater number in regard to the total users. Moreover, the report stated, “while India, Vietnam, and Pakistan all have high levels of grassroots cryptocurrency adoption, they’re quite different in terms of the raw transaction value.”
Naturally, there are a number of reasons that have been highlighted that help to explain why there was such a large boom in the number of users, although it would perhaps be wise to suggest that crypto gambling within the country needed to be highlighted as a top factor, too.
With gambling enjoying a rather huge affinity within the country, there are many that have started to utilize crypto to further enhance their passion for wagering. Many people choose a Bitcoin casino to do so, as they have found that there is a range of benefits that can be enjoyed.
Indeed, these include factors such as improved security, anonymity, as well as the chance to enjoy provably fair games that can help to build a level of trust between players and operators. Furthermore, with crypto being unregulated and decentralized, players are able to enjoy cross-border transactions that they would not have been able to enjoy when using traditional currency.
It has, though, been found in Chainanlysis’ report that investing in crypto is one of the main reasons why there have been so many adopting and embracing virtual currency. Joel John, who is the Principal at LedgerPrime, mentioned that it was perhaps easier to get involved in crypto investing compared to traditional forms. He stated: “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.”
There is also evidence that has shown that many Indians who work for overseas companies have started to request payment in the form of virtual currency. Managing Director of Quantstamp, Krishna Sriram, stated: “Tons of Indian developers, fund analysts, and independent freelancers working for overseas employers have started requesting to be paid in cryptocurrency.”
Furthermore, the continued rise in cryptocurrency adoption within India could be down to the fact that there have been some suggestions that it could be regulated in the near future. Finance Minister Nirmala Sitharaman has already revealed that there will be some clarity soon on the formalization of digital assets, with the budget for 2022-23 showing that the government has already announced that they will be taxed moving forward.
