India Recorded Second-Highest Cryptocurrency Users In World In 2021: Report
The popularity of cryptocurrency seems to show no signs of slowing down. Now, data suggests that investors in India also have embraced cryptocurrency. According to a new report by Chainanalysis, the boom in cryptocurrency in India has resulted in a tremendous rise in the number of users in the country. In 2021, India recorded the second-highest number of cryptocurrencies users around the world, the report stated. The report, released in 2021, shows that India is second only to Vietnam in the number of cryptocurrency users.
In addition to the rise in the number of cryptocurrency users, the report by the industry research firm also shows that the country's crypto market grew by 641 per cent in the year. While Pakistan comes third in terms of the number of cryptocurrency users after Vietnam and India, it saw the most growth at 711 per cent. The report also noted here that “while India, Vietnam, and Pakistan all have high levels of grassroots cryptocurrency adoption, they're quite different in terms of the raw transaction value.”
Additionally, the report cited possible reasons behind the surge in the number of users based on comments by industry experts. For instance, Joel John, Principal at LedgerPrime, said that it could be the ease of crypto investments that has encouraged more people to warm up to it. “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,” Joel John was quoted as saying.
Meanwhile, Krishna Sriram, Managing Director at Quantstamp, was cited in the report as saying, “Tons of Indian developers, fund analysts, and independent freelancers working for overseas employers have started requesting to be paid in cryptocurrency.”
The rise in the number of cryptocurrency users comes at a time when Finance minister Nirmala Sitharaman has said that the government will bring clarity on formalisation of cryptocurrency soon. In the budget for 2022-23, the government has announced that virtual digital assets would be taxed.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
