Demand for Crypto
By MYBRANDBOOK
India now has 15 homegrown cryptocurrency exchange platforms that enable trading and selling, with more than 1.5 crore users. At 10.07 crore, India also has the highest number of crypto owners in the world according to reports.
The survey from KuCoin takes an in-depth look into the development of the blockchain industry and crypto space in India. There is a surge in local demand for cryptos. Almost 40% of Indian crypto investors are under the age of 30.
Despite the local government’s stance on digital assets and the levying of a 30% tax on income received from digital assets, the Indian crypto market is expected to reach $241 million by 2030. Spurred by the prospect, the Indian government has announced the launch of a digital rupee, further stimulating the local population’s interest in the digital economy.
The survey revealed that as of June 2022, roughly 115 million crypto investors in India either currently hold crypto or have traded crypto in the past six months, accounting for 15% of the Indian population aged 18 to 60 years.
The overall market downturn has also impacted sentiment, as reflected in the preference of an increased share of investors to keep the same amount of crypto rather than invest more in it. However, more than half of crypto investors still intend to increase their investments in crypto in the coming six months.
When it comes to the hurdles of crypto investment, a lack of sufficient knowledge of the crypto market is reflected by 41% of respondents who state that they are not sure which types of crypto investment products to choose, and 37% have difficulty managing the risk of their portfolios, and 27% have trouble predicting the market directions and values of crypto. 21% are not clear about how crypto works.
The ambiguity in government regulations has been a critical factor deterring potential investors. 33% report that government regulation is a concern when considering investing in crypto. The safety of investing in crypto is also a concern for many, as 26% worry about hackers being a threat, and 23% fear that they may not get their money back in case of security incidents.
The crypto space in India has been witnessing a revolution for the past couple of years, especially because of the youth who believe that crypto is more of a long-term investment than a hype. Despite the ambiguity in regulations and extreme volatility, young Indian investors prefer to buy crypto as assets over gold.
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