- India has emerged as the largest nation in terms of net users adopting cryptocurrencies.
- India has an estimated 119 million people who own digital assets, a huge share of the world's crypto population.
- The drivers of adoption include a youthful and technologically dynamic population, high remittance requirements, and the adoption of digital payment systems such as UPI.
- Retail trading is not the only type of institutional participation and decentralized finance (DeFi) that is on the rise in India.
- It has continued to be adopted despite a challenging tax regime, including a 30 percent flat tax on gains and a 1 percent Tax Deducted at Source (TDS).
Source: https://bfmtimes.com/india-leads-global-crypto-adoption-119-million/
