India Has The Most Crypto Users In The World!
With 1.5 billion people, India is the world's second most populous country and the one with the highest number of cryptocurrency users.
With 1.5 billion people, India is the world’s second most populous country and the one with the highest number of cryptocurrency users, according to recent surveys. And by a long shot!
Despite the government’s extreme steps to try to stop or at least manage this phenomenon, the people in India are progressively utilizing these new financial innovations. The emergence of domestic FinTech and mobile telephony helps to explain this increased adoption of a youthful generation that is becoming more educated and whose purchasing power is expanding. Today, everyone pays attention to this crypto behemoth.
India Seems to grow Even More in the Future
The United States, China, Europe, Russia, and Nigeria are frequently mentioned in the crypto news, whereas India remains relatively unknown. But, with 156 million crypto users, this country is already at the top of the podium. Statista tells us that in the United States, the amount is 29 million, in Russia, 10.6 million, and in Japan, 4.4 million. This indicates that by 2023, India will have more than half of the world’s crypto users.
And the stats aren’t going to change, as Statista predicts that by 2027, no less than 191 million individuals in India will be utilizing cryptocurrency. Observers proposed numerous elements to explain this phenomenon, including a high rate of mobile technology usage. More than a billion smartphone users in the nation, in particular, are already prepared to migrate to digital payments. This is especially true given the prevalence of FinTechs. Local Indian governments are creating new blockchain-based technologies to support peer-to-peer payments, cross-border transactions, and even micropayments.
Indian Government is Cautious
So could India become a potential global leader in this field? Authorities have generally been opposed to Bitcoin and its likes. The breadth of governmental measures has split professionals in the country. For some, this will make adoption easier since it will provide a clearer and more safe regulatory framework for the general public by removing bad actors from the market. Others see it as an absurd allegation levelled against decentralized cryptocurrencies, which will result in a client exodus to uncontrolled overseas platforms. That brings to mind the continuing arguments in many other nations throughout the world.
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