India’s Crypto Community Will Grow to 156 Million Users by 2023, Outstripping US, UK: Report
The crypto community in India is set to surpass the US, UK, Russia, and Japan in terms of adoption this year. According to a recent report by Statista, India’s crypto community is expected to have more than 156 million users by the end of 2023. The lack of a unified and highly productive banking system is said to be underwhelming. push educated, middle-class Indians towards exploring other fintech avenues, especially for investment purposes. According to analytical reports shared by Indian crypto exchanges last December, Indians between the ages of 18-40 have the maximum number of crypto investors.
The crypto sector is expected to generate revenue worth $3.3 billion (approximately Rs 27,279) by 2023. By 2027, this amount could grow to $5.92 billion (approximately Rs. 48,940 rupees) with an expected adoption growth of 15.49%.
India ranks second after the US in the list of top five countries with the largest cryptocurrency market. Japan, the UK and Russia take the third, fourth and fifth places respectively.
As of recently KuCoin ReportIndia has over 115 million crypto investors, a whopping 15% of the population as of August 2022.
Over the next four years, the number of crypto holders in India is estimated to grow by 22% and reach 191 million. Statistic speak.
The adoption of cryptocurrencies for holding and trading purposes is highest in the Indian capital Delhi. According to CoinSwitch, Bengaluru, India’s Silicon Valley, also holds a significant percentage of crypto holders residing in the country. report in December 2022.
Memecoins Dogecoin And Shiba Inu has emerged among the popular cryptocurrencies in India along with Bitcoin, fastener, ether, polygonAnd TronWazirX said in its year-end report for 2022.
The economic downturn caused by the pandemic has prompted Indians to turn their attention to experimenting with cryptocurrencies. Between 2017 and 2022, India’s crypto adoption has grown by 760%.
The Indian government is working to form a framework to regulate the cryptocurrency sector, where financial transactions are largely anonymous and can be abused for money laundering and terrorist financing.
On March 8, India imposed anti money laundering legislation applicable to cryptocurrency trading activities in order to control cryptocurrency crime at the international level.