India boasts 10 crore cryptocurrency owners, ahead of Russia and US, says report | Tech News

India boasts 10 crore cryptocurrency owners, ahead of Russia and US, says report

India has the biggest number of cryptocurrency owners in the world with over 10 crore investing in digital currencies – ahead of the US and Russia, a new report has claimed. Here’s everything you need to know.

By: HT TECH
| Updated on: Aug 21 2022, 21:01 IST
Cryptocurrency in India
According to a Chainalyis report, big institutional investment has also helped the growth of cryptocurrency in India. (REUTERS)

Cryptocurrencies are gaining in popularity every day, despite concerns with their stability, and bans in Russia and China connected to cryptocurrency activity. Over time, people in several countries have begun investing in cryptocurrencies like Bitcoin, Ether and Dogecoin, and the same is true for India. In fact, a recent report has revealed that the number of investors in India is higher than both the United States and Russia, an impressive feat for the country.

While cryptocurrencies are currently in the grey area where policy and regulation are concerned, Livemint reports that India has 10.07 crore cryptocurrency owners, ahead of both the United States, which has 2.74 crore owners, and Russia with 1.74 crore, according to broker discovery platform BrokerChoose. This puts the country ahead of all others, in terms of individual currency holders.

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However, when it comes to other metrics, other countries are ahead of India, according to the report. For example, the percentage of residents investing in cryptocurrency in the United States is at 8.31 percent, while Kenya is at 8.52 percent. Similarly, Russia has a higher percentage of the population investing in cryptocurrency at 11.91 percent, but it is beat by Ukraine in the top spot with 12.73 percent, according to the report. Meanwhile, India is behind the United States with 7.3 percent, putting it in fifth place.

According to a Chainalyis report, big institutional investment has also helped the growth of cryptocurrency in the country. In the absence of regulation and legal status for cryptocurrency in the country, these numbers are certainly impressive. Nevertheless, as countries around the world look to regulate these cryptocurrencies, it remains to be seen how investment and interest in these cryptocurrencies change over time.

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First Published Date: 14 Oct, 12:44 IST
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