India has claimed the second spot in terms of the adoption of cryptocurrency globally during the exponential crypto rise that we¡¯ve been seeing throughout this year. This is according to a report by blockchain data platform Chainalysis.
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Reported first by ET, the report ranks 154 countries globally and revealed that worldwide adoption for cryptocurrency spiked over 881 percent in the last year. Moreover, it has actually grown over 2300 percent since the third quarter of 2019.
As per the report, several emerging markets are actually much ahead of the US and European nations thanks to peer-to-peer platform trading. India sat on the second spot, right next to Vietnam in the study¡¯s list. Following India are nations like Pakistan, Ukraine, Kenya and Nigeria.?
The report ranked nations based on the total crypto that they received, the amount of crypto moved in transactions under $10,000 and peer to peer trade volume, all this weighed by purchasing power parity per capita.?
India¡¯s growth in the crypto scene was seen to ignite in March 20202 after the Supreme Court ruling set aside the Reserve Bank of India¡¯s April 2018 directive banning banks and finance companies from dealing in virtual currencies.?
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Post this, top exchanges in India have put more effort into advertising as well as educating users about the asset class -- a popular option among investors under the age of 25. Moreover, crypto is also making individuals over the age of 45 take a keen interest.?
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Indians however are awaiting the proposed cryptocurrency bill that has already been tabled by finance minister Nirmala Sitharaman before the cabinet and is awaiting approval.
But this hasn¡¯t been stopping many others from taking a dip in the crypto trade. Sign-ups to several popular crypto exchanges have grown exponentially. WazirX has seen a 4937 percent jump since March 2020, whereas CoinDCX has seen a 700 percent growth in the same period.
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