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

Interview with Ayron Ferreira, Head of Research Analysis at Titanium Asset.

Titanium Asset is a Brazilian resource manager specializing in investments in crypto assets. Registered with the Securities Commission of this country, it follows all the regulations of the financial sector, both traditional and digital.

Its head of analysis and research, Ayron Ferreira, emphasizes the strength and reliability of the Blockchain beyond the fall of cryptocurrencies. He talked with LEADERS about NFT, BTC, ETH, and perspectives of the financial sector in general. Here are excerpts from the interview:

What is the impact on the crypto ecosystem in general?

The impact has been really considerable. From nearly $3 trillion in November 2021, the market capitalization has today reached close to $970 billion. It is a considerable loss in the global macroeconomic environment. In the crypto market specifically, we continue to see Bitcoin (BTC) as the leader. It has now gone through a correction that we believe is a normal process of the global market cycle. Beyond that, we remain very optimistic and see a lot of value in it as a long-term monetary asset and as a network. It has a maturity of 13 years already, it works in a highly secure decentralized network, and has never had a hack. In this crisis, that has been proven once again. Every ten minutes a block with transactions is mined and none of these blocks and transactions have been duplicated or interrupted.

How are the other cryptoactives repositioned in the market?

The other crypto assets have yet to prove their worth over time. We have Ethereum, which is 3 years younger than Bitcoin, but still has a lot to prove, for example with better energy efficiency for transaction validation. Once this long overdue scalability upgrade is done, then we believe that Ethereum will also prove its worth. Everything that comes after these two leaders, BTC and ETH, is much riskier. We think the impact of the recent crashes is big, but in the long term there is a lot of intellectual capital and a lot of very interesting innovations being built in the crypto market.

In the private sector, what are the main actions to expand use?

On the part of the private sector, it is necessary to have more actors that bring new solutions, innovations based on Blockchain, cryptoactives, new products, and new services. We believe that greater security will further stimulate the private sector. There are many young people who have managed to get their first job and are already building a career in the crypto market. It is a new niche that is creating new professionals, new analysts, new managers, and new entrepreneurs because it is different and new. In short, it is a matter of time, but we are very optimistic, we believe that Brazil tends to stand out in the crypto market in the coming years, both in the public and private sectors.

By Audy Castaneda

The creditor tweeted that the release of about 140,000 BTC would not occur immediately but in installments over months. People need to register their addresses in the system for the payment process to start.

Eric Wall, a Mt. Gox creditor, dismissed that the now-defunct exchange would soon dump about 140,000 BTC on the market. Instead, he said it would make the payments in installments over the coming months.

Wall explained that Mt. Gox would not distribute any coins this week, next week, or the week after.

It Would Take Mt. Gox Months to Refund Its Creditors

Wall added that some creditors had sold their rights to Fortress, but nobody knows when they will receive the refunds. Besides, they have not yet been able to register the addresses where Mt. Gox would send the crypto assets.

He said an upcoming notice would allow creditors to submit bank details to start the payment plan.

The misinformation on social media distressed the creditor, who told the community to block accounts saying Mt.  Gox was making flyers. Others also mentioned the false information, highlighting that the repayment process would take the cryptocurrency exchange months.

Cryptocurrency influencer Danny Devan pointed out that the repayment process is just beginning and will last for months. Since he is bearish on selling a high amount of BTC, he expects the bearish market to be a mainstay for some time.

The Mt. Gox Incident Serves as a Warning to the Crypto Industry

The official document on the return procedure explains how Mt. Gox will handle the situation. Creditors may opt to receive an advance balloon payment instead of in installments.

The cryptocurrency exchange requests its creditors to register in the system as soon as possible. Concerning the release of the assets, the court document provides several details.

It states that the Rehabilitation Trustee plans to establish the Allocation Restriction Reference Period after discussions with the court under the Rehabilitation Plan. It indicates that it will happen by late August 2022 until all or part of the refunds is complete.

Many creditors felt relief when the court gave final approval to the payment plan in November 2021. The refund of the assets signals the end of a notorious episode in the crypto market history.

The Mt. Gox incident served as a warning to the cryptocurrency industry, matching the importance of the collapse of LUNA and its stablecoin UST.

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 24.17 billion, its market capitalization is about USF 379.80 billion, according to CoinGecko.

By Alexander Salazar