How Big Is India’s Cryptocurrency Market? Challenges Ahead In 2022

The Crypto market is booming as is the quantity of investors across the world. The surge is sufficiently high that it is currently a point of discussion among the non-Crypto enthusiast. According to Chainalysis’ late published report on Crypto, there is an 880% increase in overall crypto adoption, filled by distributed (P2P) exchange and usage in emerging countries like Africa. According to the report’s findings, Vietnam beat the Crypto adoption index, trailed by India and Pakistan. African countries represent six of the best 20 countries in the ranking. The report also indicates how Crypto’s adaptation is increasing across the world.

Crypto Market – Global

Three standards make up the Global Crypto Adoption Index. They rate every one of the 154 nations based on those three parameters, then, at that point, take the mathematical mean of every nation’s rating over every one of the three indicators and standardize that final figure on a scale of 0 to 1 to give every country a score that determines the general rankings. The higher the position, the closer the country’s definitive score is to one. Talking about the new turn of events, China, previously the world’s biggest Crypto market, in September, prohibited all Crypto activities in the country.

Cryptocurrency Market

Crypto Market – India

Talking about the Crypto owners, India outperforms in Crypto Ownership. As of now, India has more than 10.07 Cr. Crypto owners. This number could look small contrasted with India’s population, yet when it is contrasted with the number of dynamic clients to India’s top brokers, it is 5 times combined. This shows how big is India’s crypto market and how much potential it holds.

Understand this with the data below:

Crypto Exchange India is home to various Crypto exchanges such as WazirX, CoinSwitch Kuber, CoinDCX, etc. This year, despite ongoing administrative uncertainty and market unpredictability, WazirX, India’s largest cryptocurrency trade, had record-breaking action when investors from smaller cities in the South Asian nation rode on the computerized asset tsunami.

Challenges Ahead 2022 The eventual fate of the Crypto market in India is uncertain and a great deal will be determined by the public authority strategy that the Government of India is planning to present in parliament in 2022. The Indian government is working on laws to restrict cryptocurrency use and exchange. The Cryptocurrency and Regulation of Official Digital Currency Bill were supposed to be introduced during Parliament’s winter session, however, the disagreement over horticultural bills stopped it. Albeit the bill was not bantered in Parliament, investor interest has not disappeared. Cryptocurrencies, on the other hand, are a moderately new investment class with restricted information for central research.