India Ranks Second In Terms Of Crypto Adoption In The World

WHY IN THE NEWS?

• India has ranked second in terms of crypto adoption worldwide behind Vietnam, but ahead of countries such as the US, UK, and China, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis.
• This comes even as worldwide crypto adoption grew by 880% between June 2020 and July 2021, according to the report.
• A report by US-based research platform Finder released this month corroborated that the top five countries in terms of crypto adoption were all from Asia.
• The company surveyed 47,000 users worldwide and 30% of those surveyed in India said they owned cryptocurrencies.
• Bitcoin is the most popular coin in India, followed by Ripple, Ethereum and Bitcoin Cash, according to the report.
• Crypto adoption in India has also been led by smaller towns in the country. The largest crypto exchange in the country by trading volume, WazirX, said last week that it had seen more than 2,648% growth in user sign-ups from tier II and tier III cities in India.