As per Report, India leads in cryptocurrency adoption for 2nd year

India has the highest rate of adoption and utilization of cryptocurrency in the world. A report shows this. Despite severe limitations, people are becoming interested in cryptocurrency. The Chainalysis report has analyzed the rules and activities regarding cryptocurrency in 151 countries. The report shows that from June 2023 to July 2024, India led the world in the use of centralized exchanges and decentralized financial assets.

Eric Jardine, research lead at Chainalysis said, “India has also got a fairly widespread level of adoption across different assets of crypto despite restrictions, implying new participants to crypto would have been participating via services that were not banned. Now we've started to see some of those restrictions get rolled back, for example with Binance, which is probably just going to amplify adoption in the country.”

India top the list. Nigeria places second. Indonesia placed third. The United States is fourth in bitcoin adoption. Vietnam, Ukraine, and Russia are also among the countries with the highest bitcoin adoption. Ukraine and Russia perform well in both centralised systems.

India has followed an extremely rigid policy on cryptocurrencies since 2018. The Financial Intelligence Unit (FIU) warned nine overseas cryptocurrency exchanges in December 2023 for breaking regional laws.

The world's largest cryptocurrency exchange, Binance, was fined Rs 18.82 crore by India in June. One month later, it registered with the FIU to resume business in India. KuCoin, a cryptocurrency exchange, registered in March but was fined Rs 34.5 lakh.

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