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HomeLaw & PoliticsKuCoin releases survey of bitcoin and crypto adoption in India

KuCoin releases survey of bitcoin and crypto adoption in India

Cryptocurrency exchange KuCoin, released a survey, titled “Into The Cryptoverse” on August 22, highlighting the increased bitcoin and cryptocurrency adoption in India.

15% of India’s population, or over 115 million investors between the ages of 18 and 60, said they now own or have recently traded bitcoin or other cryptocurrencies. 10% more adults in India were classified as “crypto-curious,” meaning they want to start investing in the ecosystem within the next six months.

According to the survey, 41% of respondents are unsure of the types of cryptocurrencies to choose, 37% have trouble managing the risk in their portfolios, and 27% have trouble predicting the market’s movements and prices. 21% are unsure about how cryptocurrency operates.

As a result, despite a high level of investor interest in India, there are numerous informational barriers impeding wider implementation. Furthermore, while determining whether or not to invest, 33% of respondents listed state interference as a concern.

The Indian cryptocurrency sector is expected to reach $241 million by 2030, despite the local government’s stance on digital assets and the imposition of a 30% tax on income derived from digital assets. The Indian government has declared the introduction of a digital rupee in response to spark the local population’s interest in the digital economy.

In addition, the average age of Indian investors is getting younger. As in the survey, 39% of respondents were between the ages of 18 and 30.

According to Coinmarketcap, Bitcoin price was $21,690.17 with a 24-hour trading volume of $32,009,425,709. In the past 24 hours, Bitcoin has increased by 1.57%.

Read more at Cryptoshrypto:

RBI governor says crypto not useful for developing economies like India

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