India ranks 2nd in the world in cryptocurrency adoption

A new study from market research firm Finder shows that Asian countries are outpacing the rest of the globe when it comes to cryptocurrency ownership. In India, the number of crypto users passed 15 million in June.
The country ranked second in terms of crypto adoption, with 30% of the individuals polled saying they hold cryptocurrencies. Vietnam has the highest percentage of cryptocurrency ownership, at 40%. Indonesia, Malaysia, and the Philippines are also among the major crypto holding countries.

According to the report, in India, bitcoin is the most popular coin to own (16%), followed by ripple (8%), ethereum (6%) and bitcoin cash (6%). Cryptocurrency investments in the country increased from $923 million in April 2020 to almost $6.6 billion by May 2021, a growth of about 400%.

“The cryptocurrency industry is steaming hot,” said Sharan Nair, the CBO of CoinSwitch Kuber, the largest cryptocurrency platform in India. He told the Economic Times that “2021 has seen an accelerated interest in the crypto space as companies look to gain exposure to the market. Several sectors floundered in FY21, given the challenges of doing business in a pandemic environment. Fintech, for the most part, was not one of them.”