The magic of cryptocurrencies is speaking loudly among investors in India. It has reached the second number in terms of adoption of cryptocurrencies worldwide. Along with this, it has also become one of the top ten countries adopting decentralized finance i.e. DeFi system the most. India ranks sixth in terms of DeFi adoption, behind the US, Vietnam, Thailand, China and the UK, in blockchain data platform Chainalysis’s 2021 Global DeFi Adoption Index.
Decentralized finance system runs on Ethereum network
DeFi is one such financial system, built on the Ethereum network. In this, financial products are available on a decentralized blockchain network and can be used only by those who have its code. In this, there is no interference of the bank or any third party facilitating financial transactions. BuyUcoin CEO Shivam Thakral told ‘Financial Express Online’ that India’s ranking of 6th in the index in terms of DeFi adoption proves that investment in cryptocurrencies is growing significantly in the country. Therefore, now more and more people will have to move towards DeFi so that India’s financial system can change and move forward according to the preparedness of the future.
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Raghuram Rajan said, there is potential in crypto but regulation is also necessary
Chainalysis has ranked India second only to Vietnam in terms of adoption of crypto in its 2021 Global Crypto Adoption Index. This index was published last week. Around the world, between June 2020 and July 2021, there has been an 880 percent increase in the adoption of crypto. Former RBI governor Raghuram Rajan told Reuters Global Markets Forum that cryptocurrencies have hidden future potential but it needs good regulation.