India has the second largest number of cryptocurrency users in the world. There are more than 15 million of them, the Economic Times reported on Wednesday, citing research firm Finder.
According to the research, India is second in terms of the cryptocurrency users. The country shares the second place in the world with Indonesia in this indicator, being among the five countries with the largest bitcoin holdings with Malaysia and the Philippines, according to Finder experts.
The study shows that over 15 million Indians have invested in private cryptocurrency holdings. Investment in cryptocurrencies in the country increased from $ 923 million in April 2020 to nearly $ 6.6 billion by May 2021. The growth is about 400%.
After India’s Supreme Court overturned the Reserve Bank’s ban on cryptocurrency transactions, the number of retail investors in the country has skyrocketed. CoinsSwitch Kuber, a major cryptocurrency platform based in Bangalore, has served nearly 8 million users since June 2020.
Residents of small towns in India are most actively involved in operations with cryptocurrencies. Due to them, the number of users of CoinsSwitch Kuber applications increased from June 2020 to June 2021 by 2,000%, Finder reported. Over the next five years, India may become one of the world leaders in the implementation of blockchain technology, which will facilitate the transition of the country’s economy to a digital format.