Cryptocurrency exchange Kucoin has released the results of a survey conducted in India on the adoption of bitcoin and cryptocurrencies in the country. Entitled “Into The Cryptoverse,” the survey reveals the growing interest of Indians, especially younger ones, in bitcoin, which they see as the future of finance.
According to Kucoin, 15% of India’s population has invested in cryptos
Despite the risk of a 30% tax on income from digital assets, demand for cryptocurrencies is steadily rising in India.
Among other things, Kucoin‘s survey reveals that as of June 2022, nearly 115 million people, or 15% of the India’s working population (18 to 60 years old) held crypto or had traded it in the past six months.
These numbers are expected to rise as 10% of Indian adults said they wanted to invest in cryptocurrency during the next six months, according to the survey. This significant adoption of cryptocurrency is driven by younger people.
In the first quarter of 2022, 39% of crypto investors were under the age of 30, a figure that was up 7% from the previous quarter.
Indian crypto-investors more motivated than ever
Even though some crypto-investors, obviously affected by the drop in crypto prices in recent months, want to keep the same amount of assets, more than half of Indians holding crypto want to have more in the next 6 months.
56% of them believe that crypto is the future of finance while 54% believe that their assets will bring them a higher return on investment in the long run.
The motivation of crypto-investors is not only based on long-term prospects. 52% invest in cryptos to improve the quality of life that is heavily impacted by passive income from various investments.
The barriers to crypto adoption in India
Kucoin’s report also highlights the main barriers to the mass adoption of cryptocurrencies in India. First is the crypto knowledge gap, which can be seen through the rate of Indians not knowing which crypto to invest in (41%), those who find it difficult to manage risk (37%) and those who know little about how crypto currencies work.
Secondly, the ambiguity of government regulations in the crypto-currency sector is a blocking factor for potential investors in India. As much as 33% of the population is afraid to invest in crypto because of this factor.
Finally, asset security is a major concern for Indians. 26% of them fear being hacked and 23% are afraid of not being able to get their money back in case of security incidents.
Despite a slowdown in the crypto sector, sometimes hostile regulations and a deficit of information about crypto according to Kucoin, India is following the example of several other countries such as Nigeria, is showing a significant performance in the adoption of cryptocurrencies. This trend is expected to intensify if education initiatives are put in place and more attractive regulations put in place. And of course, if government accounts don’t allow scams to be spread…
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.