The world’s 5th largest Cryptocurrency exchange KuCoin has released ”Into The Cryptoverse Report India”, a survey taking an in-depth look into the development of the blockchain industry and crypto space in the second most populate country in the world. Amidst the new crypto tax policy and various government crackdowns, the Survey on Cryptocurrencies in India holds a special significance. Over the past few months we have been hearing news of raids on the offices of various cryptocurrency exchanges in India. In such a situation, KuCoin’s Crypto Survey gives us an accurate picture of the crypto & blockchain industry in India.
The KuCoin report comes hot on the heels of the latest developments in India, which have seen a surge in local demand for cryptos. Despite the local government’s stance on digital assets and the levying of a 30% tax on income received from digital assets, the Indian crypto market is expected to reach $241 million by 2030. Spurred by the prospect, the Indian government has announced the launch of a digital rupee (CBDC), further stimulating the local population’s interest in the digital economy.
The survey revealed that as of June 2022, there are roughly 115 million crypto investors in India who either currently hold crypto or have traded crypto in the past six months, accounting for 15% of the Indian population aged 18 to 60 years. Another 10% of Indian adults are crypto-curious consumers who are planning to invest in crypto in the coming six months. The overall market downturn has also impacted investor sentiment, as reflected in the preference of an increased share of investors to keep the same amount of crypto rather than invest more in it. However, more than half of crypto investors still intend to increase their investments in crypto in the coming six months.
When it comes to the hurdles of crypto investment, a lack of sufficient knowledge of the crypto market is reflected by 41% of respondents who state that they are not sure which types of crypto investment products to choose, 37% have difficulty managing the risk of their crypto portfolios, and 27% have trouble predicting the market directions and values of crypto. 21% are not clear about how crypto works.
The ambiguity in government regulations has been a key factor deterring potential investors. 33% report that government regulation is a concern when considering investing in crypto. The safety of investing in crypto is also a concern for many, as 26% worry about hackers being a threat, and 23% fear that they may not get their money back in case of security incidents.
Indian demographics reflected in the survey reveal that in the first quarter of 2022, 39% of crypto investors are aged 18 to 30, up 7% from the previous quarter, suggesting that the number of young crypto investors is growing faster than their more mature counterparts. The young blood is bringing more dynamism into the crypto market. 39% of young crypto investors below the age of 30 are first-time crypto investors who only started trading over the past three months.
The survey also shed light on investor motivations, highlighting that :
- 56% of crypto investors believe crypto is the future of finance
- 54% believe crypto will bring them a higher return on investment in the long run,
- 52% invest in crypto to gain passive income and improve the quality of living.
- Only 24% of young investors consider crypto a hype for fun
- 43% are going for the short-term gains.
The findings of the KuCoin Into the Cryptoverse India report provide invaluable information about the potential of the digital economy in India. With its rapidly growing middle class and tech-savvy, young population, the country is poised to become a powerhouse of the digital economy in the near future, despite the challenges of poor topic education and information accessibility.
Click here to download the full report.
Most of the world’s technology companies have Indian people at the top. The number of software developers in India is quite high in the world and they are successfully working as developers in every technology company today. The role of Indian developers is also very important in blockchain technology. Developers are now very enthusiastic about blockchain development and a lot of development is happening in this sector. Most of India’s entire population falls under the age of 35 and there is a craze for blockchain & Web 3.0 development among them. So it can be said without a doubt that the trend of blockchain development among Indians will continue to grow despite various government crackdowns, the number of keen investors and developers in India will increase and India will emerge as a blockchain and web 3.0 powerhouse in the future.