How Big is the Crypto Market in India?

The cryptocurrency market is growing and has reached leaps and bounds over the past few years. Thanks to the high reward people are getting with it, more and more people are now looking ahead to make massive money with it. However, it is a high-risk and high-gain game, yet people find it too lucrative to invest and gain huge returns. Nevertheless, the growth is at such a massive level that even the skeptics are talking about are becoming positive. According to the recent reports published at Chainlaysis, adoption is going faster, and it has fueled the P2P trade and the application in many more nations like Africa. Also, the following country reported on the top includes Vietnam, which has gained a good growth in the Crypto adoption index. Soon, other nations like India and Pak are also joining the row to emerge as successful players in this domain. Here we will talk about how big is the crypto industry in India; for details, visit the site yuanpay-group.de

The current trend in the market 

Looking at how different nations are trending, it is always an exciting story about India doing good in this domain. We have seen the global index for other nations, and India is also ranking better. They have talked about 154 nations globally that discuss their presence of different digital currencies in the market. They can fall all around with the three indicators that can help normalize the final figure of zero to one that gave the best score, allowing the higher rankings of the country. The higher the rank, the better the results, and it provides the best score to enjoy the same. If you check the recent development, China ranks higher than any other nation in the crypto market. In September, we see them banning all the crypto-related activities in the nation.

The crypto market in India 

The market in the country is going smooth and steady. You can check that the number of crypto owners in the country grows faster. India is now outperforming as people owning virtual money has increased significantly. As per reports, the government has more than 100 million owners of different coins. Most of them own BTC and ETH along with other popular currencies. You may find this number to be less when compared to the country's population; the total number of active clients in the country ranks at the top for the brokers and similar people. The actual figure is five times the one indicated above. You can make out the size of the coin and how it has gained pace in recent years. 

Now talking about the local exchange groups dealing with the digital currencies, India ranks top on the list. The country has some known exchanges dealing with these currencies. These include CoinDCX, CS Kuber, and WazirX, to name a few. The latter is known as the most popular exchange in the world. It carried a record-breaking activity wherein many more investors are now working in small cities and found in the South Asian nation. All these speak of the digital storm expected in the country soon. Crypto in India tells a lot about it. 

The Challenges ahead 

As you look at the challenges ahead in 2022, we can find India's digital currency market's future is a bit unstable. The reasons are apparent; the central government in the country is yet to take any decision about the money. They planned to ban it earlier; however, things changed in the crypto landscape with the Supreme Court's intervention. Recently, the minister called upon paying taxes for people investing in Bitcoin or other digital coins in the past budget. 

Hence the stance of the government is not clear as yet. It has added uncertainty in the country about this money. The bill on digital money is pending, and it is expected to drive things in the crypto market in India. However, considering that a growing number of people love crypto, the country is expected to have a positive stance toward the currency. The bill is yet to come into the house. And many of the investors want the coins to stay with no regulation. Crypto, on the contrary, is a new investment option, and the limited data for the research is yet to be made. 

(Devdiscourse's journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)