The Asian country with the highest percentage of cryptocurrency ownership was Vietnam, at 40 per cent, followed by Indonesia, India, Malaysia, and the Philippines, respectively. 30 per cent of individuals polled in Indonesia and India stated that they held cryptocurrency.
According to media report, India ranked second in a poll of nations that use cryptocurrency the most, with 9% of the respondents claiming they used crypto. Meanwhile, the United States and the United Kingdom had the lowest proportion of cryptocurrency owners, with 8 per cent and 9 per cent, respectively.
According to a poll conducted by global consultancy company, India can be among the leaders in the adoption of the technology that crypto is based on, over the next five years, if an appropriate degree of business and government engagement is achieved.
Sharan Nair, the CBO of CoinSwitch Kuber, stated that “The cryptocurrency industry is steaming hot. 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.”
Finance Ministry stated that the world is evolving quickly with technological advances. The possibility of bitcoin and other cryptocurrencies becoming recognised as an asset class in India has also been floated recently.
On the other hand, the central government has stated that Bitcoin or crypto would not be accepted as legal tender shortly.
At present,the response to crypto in India has been overwhelmingly positive. And is sure that cryptocurrency does have a market in the country, and it is growing exponentially.