Among those Indians surveyed, 1,541 identified themselves as crypto investors, while 501 said they would buy cryptocurrencies in the coming months. Many respondents consider that ambiguity in government regulations on cryptocurrencies is a discouraging factor.
A recently published report from KuCoin revealed optimistic growth prospects for the cryptocurrency ecosystem in India. The document showed the results of a survey, which it described as an in-depth look at the development of the blockchain industry and the cryptocurrency space.
KuCoin surveyed 2,042 Indians between 18 and 60, including 1,541 who identified themselves as crypto investors. However, although the other 501 were still exploring crypto out of curiosity, they planned to buy cryptocurrencies in the following six months.
The report indicated that about 115 million crypto investors in India own cryptocurrencies or have traded digital assets over the last six months. That is equivalent to 15% of the Indian population between 18 and 60 years old.
According to the document, there has been a slight increase in the number of crypto investors over the last few months despite new tax regulations.
Furthermore, the report mentioned the many tech-driven young people, the growing number of Internet users, and the advancement of FinTech. Those factors put cryptocurrencies on track for broader adoption, making India a crucial cryptocurrency hub.
The United Nations Conference on Trade and Development (UNCTAD) recently estimated that 7.3% of the Indian population owns digital assets.
The Indian Market Keeps Growing despite the Crypto Winter
KuCoin also indicated that the crypto market in India continues to grow positively despite the recession.
The report said that over 50% of crypto investors plan to buy more cryptocurrencies in the following six months. That shows an optimistic sentiment towards the overall crypto market.
The survey also revealed that the Indian crypto market might reach USD 241 million by 2030. It explained that this would occur despite the tough stance from the government and the application of a 30% tax on cryptocurrency income.
However, the respondents consider that the main obstacles to investing in cryptocurrencies are the lack of knowledge, regulation, and security.
According to the report, a crucial factor in discouraging potential investors is the ambiguity in government regulations. Besides, it showed that 33% of those surveyed think this is a considerable concern when considering investing.
In addition, many Indian investors also express security concerns when investing in cryptocurrencies. That happens because 26% of the respondents worry about hack threats, while 23% fear they will not recover their money.
The Indian government keeps working on regulating cryptocurrencies, while the central bank insists on banning them. The governor of the Bank of India warned that the crypto market might collapse and cause small investors to lose all their money.
Meanwhile, Bitcoin is trading at around USD 19,848 and has accumulated a 1.1% loss over the last 24 hours. While its daily trading volume is above USD 25.18 billion, its market capitalization is about USD 379.80 billion, according to CoinGecko.
By Alexander Salazar
