India is presently home to an expected 115 million cryptocurrency financial backers regardless of a generally negative attitude toward the sector from the government, as indicated by new information.
The most recent check on the quantity of users in India comes from cryptocurrency exchange trade KuCoin, which delivered the discoveries of its ‘Into The Cryptoverse India Report’ review on Tuesday. The assessed 115 million crypto clients address around 15% of the Indian populace matured somewhere in the range of 18 and 60.
A key highlight was the 33% of survey takers concerned by ambiguous government regulations that could deter potential investors. Security concerns were also evident, with 26% worried about hacks and exploits while 23% were concerned about losing funds in the event of a security incident.
The report is based on a sample of 2042 Indian adults aged between 18 and 60 who were polled between October 2021 and June 2022. 1541 respondents identified themselves as cryptocurrency investors who either own crypto or have traded over the past six months and intend to continue doing so.
A growing section of India’s cryptocurrency users is younger than 30, with 39% of investors aged between 18 and 30 identified in the first quarter of 2022. Investing for the future also emerged as a prominent theme, with 54% of respondents seeing the potential for cryptocurrencies to provide a higher return on investment than conventional assets.
The KuCoin CEO also suggested that India’s vast population merely needs to be informed about the potential use cases of cryptocurrencies and their underlying technology in order for mass adoption to take place:
“The problem is the lack of overall awareness about the potential of cryptocurrencies. The situation may change as more Indians become aware of cryptocurrencies and sufficiently strong projects are introduced that can inject them into mass usage with accompanying informational support.”
KuCoin’s India report paints a positive picture of the growth of cryptocurrency adoption in India, but the apparent disparity in its government’s stance toward the sector continues to be a hindrance. A 30% tax on unrealized crypto gains was instituted in April 2022, which met widespread criticism, while users are also subjected to a 1% tax per transaction.
Here are some more highlights from the survey:
- 41% of respondents say that they are unsure of which type of crypto investment products to choose
- 37% find it difficult to manage the risk of their portfolios
- 27% have difficulty in predicting the market directions and values of crypto
- 21% remain unclear about how crypto works
- 39% of crypto investors are aged 18-30, thus forming a dynamic young group of crypto investors
- 56% of crypto investors are of the belief that crypto is the future of finance
- 54% think that crypto will fetch a higher return on investment in the long run
- On the other hand, 43% are going for the short-term gains
- 52% invest in crypto for passive income and to improve their living standards
- Only 24% of young investors consider crypto a hype for fun