India has over 10 crore crypto users: Study

Hyderabad: Cryptocurrencies are becoming the next big thing in the country with people from all age groups looking to either invest in this new instrument or wanting to gain knowledge on them. And a recent report proves that India is definitely way ahead in terms of user base with the country topping the number of […]

Hyderabad: Cryptocurrencies are becoming the next big thing in the country with people from all age groups looking to either invest in this new instrument or wanting to gain knowledge on them. And a recent report proves that India is definitely way ahead in terms of user base with the country topping the number of crypto owners list globally.

A recent study by BrokerChooser – an online platform that helps you find a broker that can make the most of your crypto investments – has found that the number of crypto owners in India has gone above the 10 crore-mark and it stands first in this regard. The United States stands second with 2 crore crypto owners and Russia stands third with 1 crore owners.

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In terms of total crypto searches India scored second with more than 35 lakh searches while the United States’ searches stood at more than 69 lakh. However, in terms of the number of crypto owners as percentage of population, India stands at fifth position with Ukraine topping the list with 12.73 per cent. The percentage of crypto owners as percentage of population for India is 7.3 per cent. In addition, the report also found that India’s crypto awareness score out of 10 is 4.39 and Ukraine has the highest awareness score of 7.97 out of 10.

In the last few years, India has been seeing a spurt in crypto platforms with names ranging from CoinSwitchKuber, CoinDCX, Giottus Cryptocurrency and BuyUcoin among others. Crypto exchange Zerodha has over 7 million users while the CSK has 11 million. The legality of the currency is still being discussed and the cryptocurrency bill is expected in the winter session. The Reserve Bank of India is also looking to launch its first official digital currency by the end of 2021.

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