According to a recent report, there are around 115 million crypto investors in India. Despite the recent market slowdown, the Indian crypto market is growing very fast, with more than 50% of investors planning to expand their investments in the coming months. This is even after several warnings from the RBI.
Last Tuesday, GoCoin published a report on the Indian cryptocurrency ecosystem. The popular survey was conducted in the period from October 2021 to June 2022.
Despite the new tax rules and regulations in India, the company reported that the number of cryptocurrency investors has increased significantly in recent weeks. India’s large tech-oriented population and growing interest in cryptocurrency development make it the next cryptocurrency hub. However, India faces many challenges in this direction.
UNCTAD also estimated the number of crypto investors in India and stated that around 7.3% of the country’s population owns digital currency. According to the United Nations, the population of India is currently 1.41 billion. This means that around 10 crore Indians have digital currency in their wallets.
In recent times, there has been a growing concern among Indians about the safety of investing in cryptocurrencies. Gucci reports that about 30 percent of investors are concerned about the threat of hackers, and 23 percent fear that they won’t get their money back if a security problem occurs. This will be a big challenge for the Indian market in the future and will hinder its growth. Instead, the Indian government is still working on cryptocurrencies and regulations.
The government has consulted several global organizations, such as the International Monetary Fund, on various cryptocurrency policies. However, the RBI has advised the government to ban all cryptocurrencies, which will be a major blow to the market and take it to its lowest point.
What do you think about the GoCoin report showing that there are around 115 million crypto investors in India? Do you agree with the numbers and results? Let us know in the comments section below. Also, if you like our content, please share it with your family and friends.