The Indian government might not be known as a cryptocurrency advocate, but a recent report suggests that its citizens are clearly a fan of digital money.
In a study made by Chainalysis, and was reported by Bloomberg, it found out that over the past year, cryptocurrency use has been on the rise in India, even with the government’s hostility over it.
In fact, according to the study, over 15 million Indians have already brought or sold these digital assets. The report also revealed that Indian money has poured consistently on cryptocurrency that from $200 million initially invested by Indians, it grew to an astounding $40 billion.
A reflection of optimism
With the big numbers it has revealed, the study also showed Indian’s optimism toward cryptocurrency and suggests that this trend would further rise in the near future.
The results of the study were quite surprising, given that the government has implemented moves to prevent the rise of cryptocurrency in the country.
Chainalysis, which is a blockchain forensic company, said that the 15 million crypto users in India will soon reach the United States’ 23 million mark. But even with its 15 million users, it has already exceeded the United Kingdom, with only 2.3 million active crypto users.
Young Indians, a fan of crypto
According to Sandeep Goenka, co-founder of crypto exchange Zebpay, the chunk of crypto users in India are dominated by citizens within the age bracket of 18 to 35 years old.
This clearly shows that the younger population of the country is more willing to test the capabilities of digital asset, even with their volatile nature and the government’s continuous efforts to discourage its citizens from using crypto.
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