Asian countries are surpassing the rest of the world with the discovery of cryptocurrency. According to a recent analysis from the market research company Finder, the five leading bitcoin patent nations are all located in Asia. Most of them were considered insignificant in the cryptocurrency industry; however, recent research contradicts the same.
The Asian country with the highest percentage of cryptocurrency ownership was Vietnam, with 40 percent, followed by Indonesia, India, Malaysia, and the Philippines, respectively. 30 each
one hundred people voted in Indonesia and India say they hold cryptocurrency.
About 15 million Indians are believed to have made an investment in cryptocurrency privacy. Cryptocurrency investment in the nation increased from $ 923 million in April 2020 to about $ 6.6 billion in May 2021, a growth of about 400% in just one year.
According to media reports, India also ranked # 2 in the list of countries that use the most digital currency, with 9% of respondents claiming to use crypto. Meanwhile, the United States and the United Kingdom had the lowest number of cryptocurrency holders, at 8 percent and 9 percent, respectively
After the Supreme Court ruled that the RBI banned crypto transactions, there was a significant increase in the number of investors trading. Coin Switch Kuber, India's largest cryptocurrency platform, has ridden about 8 million users since June 2020.
The future of crypto in India
According to a survey conducted by international consulting firm PwC, India could be among the leaders in adopting crypto-based blockchain technology, over the next five years, if the right level of business and government involvement is achieved.
Sharan Nair, CBO's Coin Switch Kuber, said: “The cryptocurrency industry is hot. 2021 has seen a rapid interest in the crypto space as companies look to gain exposure to the market. Several sectors have failed in FY21, given the challenges of doing business in the epidemic. Fintech, for the most part, was not one of them. ”
After the announcement of a carefully balanced position in cryptocurrency and digital currency in early May, the Treasury said the world was rapidly developing with technological advancement. The possibility of bitcoin and other cryptocurrencies being recognized as an asset class in India has also been floating recently.
On the other hand, the central government has said that Bitcoin or crypto will not be accepted as a legal tender soon.
But there is good news for the crypto community: the government has said it will "investigate the use of crypto's blockchain technology actively to bring about a digital economy." Instead of issuing the law explicitly
The Indian government can put strict rules and regulations in place. So far, the response to crypto in India has been very positive. It is clear that cryptocurrency has a market in the country, and it is growing rapidly every year.
Thank you for reading ...
Regards
@Winy
आपने बहुत ही अच्छा पोस्ट लिखा है।
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you for appreciating my post
Dhanyawad :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit