According to new data, India now has 115 million cryptocurrency investors, despite the government’s negative attitude toward the sector.
The results of the KuCoin ‘Into The Cryptoverse India Report‘ survey were presented on Tuesday. A 15% percent of Indians aged between 18 and 60 use cryptocurrencies.
Approximately 33% of respondents expressed concern that confusing government crypto laws would discourage investment. Twenty-six percent feared hackers and exploits, and twenty-three percent feared losing money due to a security breach.
1/Kucoin recently published its consumer report on the Indian 🇮🇳 #Crypto space. Here are some Key takeaways from the report.
— Jetking 🇮🇳 (@JetkingLtd) August 27, 2022
Between October 2021 and June 2022, 2042 Indians aged 18 to 60 were surveyed for the research. A total of 1541 respondents possess crypto or have traded crypto within the past six months and intend to continue to do so.
What keeps users trusting crypto?
A number of factors contribute to the continued acceptance and onboarding of new users, including education, regulation, and security. There were 41% of respondents were not sure which cryptocurrencies to invest in, and 37% struggled to manage portfolio risk. A total of 21% of respondents were unable to understand cryptocurrency.
The number of Indian cryptocurrency users under 30 increased to 39% in the first quarter of 2022. According to 54% of respondents, cryptocurrency may deliver a higher return on investment than traditional investments.
Despite the government’s attitude, people are still interested in innovative ways to accumulate wealth. KuCoin CEO noted that cryptocurrencies and their underlying technologies need to be taught to India’s enormous population. “The issue is lack of cryptocurrency knowledge.” The scenario may change as more Indians become aware of cryptocurrencies and robust initiatives are created to assist broad adoption.
KuCoin’s India study shows encouraging progress in bitcoin acceptance, but the government’s attitude remains a hurdle. In April 2022, a 30% tax on unrealized crypto profits was implemented, and users pay 1% for every transaction.