Report Shows Country Has 115 Million Crypto Investors – Featured Bitcoin News

A new report shows that India has approximately 115 million crypto investors, and the country’s crypto economy is growing despite the recent market slowdown, with more than half of surveyed crypto investors planning to increase their crypto investments in the next six months.

Indian crypto ecosystem is growing, report shows

Cryptocurrency exchange Kucoin published a report on India’s cryptocurrency ecosystem on Tuesday. It contains the results of a survey, conducted from October 2021 to June 2022, which the company described as “an in-depth look at the evolution of the blockchain industry and crypto space” in India.

Respondents to the survey were 2,042 Indian adults aged 18 to 60, the company explained, adding that 1,541 of them were self-identified crypto investors and 501 were crypto-curious consumers, who were interested in investing in crypto in the coming six months.

With reference to the survey results, the report describes that from June:

There are approximately 115 million crypto investors in India who either hold crypto or have traded crypto in the last six months, making up 15% of the Indian population aged 18 to 60.

“The size of crypto investors has seen mild growth in recent months despite the adoption of new tax rules,” the company wrote. “With the country’s large tech-driven young population, rapidly growing internet users and fintech advancements, crypto is on the way to greater adoption, making India a key crypto hub.”

The United Nations Conference on Trade and Development (UNCTAD) also recently estimated the number of crypto investors in India. In a report published in June, the organization stated that 7.3% of the total population in India owns digital currency. The United Nations estimated in July that India had 1.41 billion people.

The Kucoin report adds that despite the recent downturn in the crypto market:

More than half [of] Crypto investors plan to increase their investments in crypto over the next six months, indicating an optimistic sentiment towards the market.

The report also notes that “Despite the local government’s stance on digital assets and levying a 30% tax on income received from digital assets, the Indian crypto market is expected to reach $241 million by 2030.”

According to survey respondents, the biggest obstacles to investing in crypto assets are knowledge, regulation and security. “The ambiguity of government regulations has been a key factor deterring potential investors,” the report details, elaborating:

33% report that government regulation is a concern when considering investing in crypto.

“The security of investing in crypto is also a concern for many, as 26% worry that hackers are a threat and 23% fear that they may not get their money back in the event of security incidents,” the report adds.

India is still working on cryptocurrency regulation. The Indian government has consulted with global organizations, such as the International Monetary Fund (IMF) and the World Bank, on crypto policy. Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), has recommended banning all cryptocurrencies, including bitcoin and ether. This week, the central bank governor warned that the crypto market could crash and small investors would lose money. The RBI is also preparing to issue a central bank digital currency (CBDC).

What do you think of the findings from Kucoin? Let us know in the comments section below.

Kevin Helms

A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.