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Wednesday, October 27, 2021

Cryptocurrency: The report claims- “India has the highest number of 10.07 crore cryptocurrency owners in the world”.

Even though the Indian government is preparing to bring a bill to monitor cryptocurrencies, but still the craze of other cryptocurrencies including bitcoin remains in the country. According to broker discovery and comparison platform BrokerChooser, India tops in terms of number of crypto owners. The report states that despite the legal ambiguity, India has the largest number of crypto owners in the world at 100.7 million.

India is currently the 7th most crypto-aware country based on total global searches, number of crypto owners, Global Crypto Adoption Index and other factors in the last 12 months. The US ranks second in terms of crypto owners with 27.4 million, followed by Russia (17.4 million) and Nigeria (130 million).

According to a recent report by BrokerChooser, 50 countries of the world were included in this study conducted on the awareness of crypto among Indians. According to the report, India scored 4.39 out of 10 in the Crypto Awareness Score. India has left behind countries like Australia, Singapore, Canada, France, Germany and Japan in this matter. India ranks second in terms of total crypto searches (about 36 lakhs), while the US is at number one in this matter.

Let us tell you that the Government of India is making a special plan regarding cryptocurrency in the country. The Modi government has decided to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill in the Parliament. However, information about this bill is not yet public. This bill will legally regulate the use of cryptocurrencies in the country.

Currently, Bitcoin and other cryptocurrencies are outside the legal framework in India. However, they cannot be termed as illegal as they have not yet been authorized for use by any central authority in the country. Cryptocurrency is currently outside the scope of any guidelines, regulations or regulations. Because of this bitcoin and altcoin transactions are risky as disputes arising from these exchanges will not be legally bound.

Reserve Bank of India (RBI) Governor Shaktikanta Das recently said that the central bank has conveyed its concerns regarding cryptocurrencies to the government. Now the government has to look into it. He said that now it is for the central government to decide how to deal with the proliferation of such platforms.

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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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