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Cryptocurrency information about India
How many crypto owners are in India?
It is estimated that 27 million people, 2.0% of India’s total population, currently own cryptocurrency.¹
State of Crypto in India
Despite the regulatory uncertainty and confusion regarding policies affecting crypto, India’s crypto adoption rate has continued to grow rapidly. As of November of 2021, crypto ownership in India was at the 14.7% mark. Five months later, in April this year, the value doubled to 29.9%, according to Finder’s Report data.²
According to the Chainalysis 2021 Global Crypto Adoption Index, India ranks second in overall index rating, behind Vietnam.³ This comes amidst suggestions that Crypto is illegal in the country. In February, Sitharaman noted that the government wishes to impose a 30% tax on any income from trading crypto and a further 1% tax on all crypto transactions.⁴
The RBI had in 2018 sought to ban Crypto, but a ruling from the Supreme Court destabilized the apex bank’s plans; this leaves crypto well within the grey area – neither legal nor illegal. India-based crypto enthusiasts are looking to see what will become of these recent plans. India, like other countries, has also shown interest in issuing a CBDC with an underlying Rupee value.
Indian Crypto Ownership Demographics
As of 2021, it is estimated that 59% of the crypto users in India are male.⁵ However, the amount of female users has increased by 300% from 2020 to 2021, signaling strong growth in interest and acceptance of crypto among the female users.⁶
According to WazirX, one of the largest crypto exchanges in India, 66% of WazirX’s users are under 35 years of age, and they saw an increase of over 1000% in female users signing up to use their platform in 2021.⁷
Crypto’s rising popularity in India
- Reserve Bank Of India Considering Outright Crypto Ban, Says Finance Minister – Jul 2022
Despite Indian bank officials’ harsh stance on digital currencies, cryptocurrency ownership in India continues to grow.
- Coindesk: Indian Government Poised to Loosen Tough Stance on Crypto: Report – June 2021
The Indian government may soon strike a more conciliatory tone on bitcoin, moving away from its initial plan to impose an outright ban on private cryptocurrencies.
