IBFS ASSIGNMENT REPORT ANALYSIS

-By Afeefa Zubair

‘India among the global leaders for crypto
adoption’
According to an article published in the economic times on the
20th of August Asian countries are outpacing the rest of the
globe in terms of cryptocurrency adoption. A recently conducted
analysis from market research firm Finder, the top five nations
in terms of Bitcoin and other crypto currency ownership are all
located in Asia. In India itself around 15 million Indians have
been believed to have made investments in private crypto
currency holdings.
Cryptocurrency investments in the nation increased from $923
million in April 2020 to almost $6.6 billion by May 2021, a
growth of about 400% in only one year.
When crypto was at an initial boom some of the
Asian countries including India were perceived to be
unimportant. However recent studies have contradicts the same.
Asian Countries have outpaced the rest of the globe.
India has been ranked second in terms of crypto adoption, amid
a bull run in cryptocurrency assets globally this year.
Another research conducted also showed that the smaller towns
in India have been pushing adoption of various crptocurrency,
more than the bigger cities. The increase in user subscriptions
from Tier II and Tier III locations have grown by over 2000%.
This might be a result of the fact that investing in the blockchain
technology is much easier and convenient as compared to other
investment opportunity available to the people living in tier II
and Tier III cities. Crptocurrency is also predicted to give a
much higher profit on investment than any other traditional
investment.
Younger people have been leading charge and have been
on the forefront for investing in crpto. Young people between
the ages of 18 and 34 make for more than 40% of users
throughout the world, according to Finders.
Coming to what the future holds for crptocurrency in India. As
are economy is moving towards digitalization adoption of
crptocurrency would be an usher to it. Even though we are far
from legalization of crptocurrency as a legal tender. Central
government is however investigation the investment and use of
the blockchain technology. Recently the Supreme Court has
ruled out the RBI ruled ban on crypto transactions, because of
which there has been a massive increase in retail investors.
There has also been a flurry of activity in India’s cryptocurrency
space, with the government working towards acting on laws and
investors pouring money into crypto companies