Why Is India Leading In Crypto Adoption?
Countries in Asia, especially India, are outpacing the rest of the world when it comes to adoption of cryptocurrencies. A recent analysis of the markets by the research firm Finder has found that the top five countries in terms of crypto ownership are all located in Asia. Though these countries were considered as unimportant earlier, the recent study contradicts this and Asian countries now play an important role in the fintech sector.
Vietnam leads the adoption metrics with almost 40% of its population holding crypto and is followed by Indonesia, India, Malaysia and the Philippines respectively. Almost 30% of individuals surveyed in Indonesia and India stated that they held cryptocurrencies.
As per reports, India ranked second in a poll on countries that use cryptocurrencies the most. Meanwhile USA and the UK had the lowest proportion of holders, 8% and 9% respectively.
After the Supreme Court of India ruled out the reserve bank’s ban on crypto transactions, and along with crypto’s massive bull runs in the last year, there has been a massive increase in new users, especially retail traders. For example, one of the largest exchanges in the country CoinSwith Kuber has added around 8 million users in the last year.