You are a part of the crypto industry but did you know there are 157 Million people like you fascinated by this industry as well? Making it 53% of total users trading all around the world. Get to know about how is India Dominating Crypto industry with this blog.
According to BitcoinCasinos data, India is going to hit 156 Million active crypto users count in 2023 making it the highest number compared to any other country. Talking of which USA has the maximum transaction value which is $22.7 Billion whereas India has $3.33 Billion coming at second position in terms of that.
But India has around 5x the number of crypto users as compared to the United States. This is the situation when the government wasn’t that much in support. And now that is going to change slowly as more efforts are seen from the government side to make crypto usage safe in India.
Not only this, in terms of high crypto users India has 3x the total number of US, Japan, UK, and Russia combined. Globally there were around 257 Million crypto users worldwide and now it is expected to become 293 Million in 2023.
How is India Dominating Crypto Industry?
Cryptocurrency was introduced in 2009 but the introduction of cryptocurrency was delayed in India. And not much after its introduction, in 2018 the Indian government even banned cryptocurrency for some time. There was always continuous negative sentiment about it so the journey wasn't that smooth.
But in 2019-20 when covid-19 struck, the crypto industry boomed all around the world not only in India. And the reason was the limited availability of banking services and advanced features availed by crypto. If we see the stats it is seen that the major crypto adoption was seen during 2017-2022 where crypto users number increased by 760%, reaching the number of 134 Million.
When comparing to last year's data on trade the number has increased by 24% where it was $34.3 Billion last year. And the reason for this growth is major because of the industries like Fintech, mobile technologies, and digital payments.
Role of Fintech In Growing Crypto Craze In India
Fintech is playing a major role in increasing crypto adoption, they are introducing easy and better modes of transactions. And the bigger craze is about crypto trading benefits as the crypto is volatile so people are making profits by investing in it. This gave the rise to cryptocurrency exchanges, which are providing better platforms to do these activities.
Role of Mobile Technologies and Digital Payemnt for Increasing Crypto Adoption In India
India has more than 1 Million Smartphone users which has become the perfect tool for learning for all three generations. Whether it is youngsters, adults, or the elderly, learning to invest through the smartphone has become the easiest method. This is not the case for the urban areas only, the rural areas are also a part of it. On Suncrypto only more than 60-80of users belong to Tier 3 and Tier 4 cities. And that must be the same for many other crypto-related platforms as well.
Digital payments like UPI have already brought up the revolution in terms of faster and more convenient transactions. And now crypto payment is taking that revolution to the next level now. Even though UPI is working great but it has some limitations. These are: making international transactions or having server issues and those issues have been easily solved by cryptocurrency. And even the Indian government has been impressed with such features that they have already introduced India’s own CBDC “e-Rupee” last year and are continuously making the upgrades like teaming with other countries like UAE.
India now needs proper regulations for crypto and once that happens India will be competing with big cities like UAE. UAE has built its image as a crypto hub with its active investment in the crypto and blockchain industry. From the recent news, it is expected that some good updates from the government can be seen soon. Where increasing crypto adoption, and creating its presence in the world market will be major reasons to do so.
For more relevant information on India's Dominating Crypto Industry, check-out Suncrypto Academy.