Cryptocurrency adoption increases in India

India emerges as the second market for digital asset adoption in Asia, according to data revealed by Chainalysis

The adoption of cryptocurrencies in India has increased to the point of positioning the country as second in this market, according to a report by Chainalysis.

Data from this platform shows “Central, Southern and Oceanic Asia (CSAO) as one of the world’s leading cryptocurrency hubs. Meanwhile, India emerged as the second-largest digital asset market by transaction volume.”

Despite tough regulations applied to cryptocurrencies and high taxes on crypto profits of 30 % and a 1 % tax on all digital asset transactions, India is making headway in crypto adoption.

Likewise, the country is at the top of the rankings in “NFT protocols, lending protocols, centralized exchanges and use of decentralized exchanges.”

While on the one hand companies fight against rough taxes, transactions in digital currencies are increasing.


Source: es.investing

(Reference image source: Sergio Capuzzimati, Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

You might also like