Globally, India is 2nd in terms of crypto adption

According to a report by Chainalysis, a blockchain data platform, India is ranked second globally in terms of crypto adoption, amid the continuous growth of cryptocurrency assets during this year. According to the report which observed 154 countries, globally crypto adoption increased by 881% during 2020.

Since Q3 2019, global adoption increased by over 2300%. Emerging markets have been ahead of the developed countries such as United States and European nations in this race.

The report said that emerging markets fear the devaluation of their currency and thus are investing in crypto currency to preserve their savings. According to the report, “Many emerging markets are represented here to limit the amount of the national currency that residents can move out of the country. Cryptocurrency gives those residents a way to circumvent those limits so that they can meet their financial needs.”

Globally, Vietnam ranked first in crypto adoption. The crypto adoption in India was majorly triggered in March 2020 when Supreme Court over ruled Central Bank’s notice banning banks and finance companies from engaging in virtual currencies. First crypto unicorn of India, CoinDCX’s user base has increased by almost 700% since March 2020.