The crypto exchange named KuCoin has claimed that there are currently 115 million investors in India which is 15% of its population. Most crypto investors are between the ages of 18 and 60. But, even after having this number, India is not implementing crypto payments in the country. However, crypto trading, sale and purchase was made operational at the beginning of the year under a tax regime in the country.
KuCoin in its report titled The Cryptoverse Report India has said that the Indian crypto market is expected to reach a valuation of $241 million (approximately Rs 1,924 crore) by 2030. Apart from existing crypto investors, 10% are young crypto fans who are looking to invest in digital assets within the next 6 months.
The report states that people in India are not fully aware of the crypto market and the number of such people is 41%. He says that he is not sure which crypto investment product to invest in. At the same time, 37% of people do not know how to handle the risk associated with their portfolio. And, there are 27% people who do not know about the market mood. There are also 21% of people who do not know how crypto works.
The confusion that remains in India regarding cryptocurrency regulation remains a major factor preventing investors from entering the crypto sector. Also, another factor is the fear of people losing their funds in hack attacks. 33% of people are concerned about the government’s stance on crypto. 26% of people are afraid of hacking attacks and 23% are concerned about whether the money lost in fraud or other hacks or market crashes will be recovered.
KuCoin has conducted this survey on 2042 Indian adults. 56% of these investors believe that crypto is the future of finance. At the same time, 54% of the people believe that they can give very high returns in long term investments. Unfortunately, India is not included in the list of countries that are taking crypto friendly steps and contributing to the growth of this emerging sector.
In the latest Worldwide Crypto Readiness Report of Forex Suggest, it has been said that Hong Kong, America and Switzerland are included in the list of top 3 countries in the list of most crypto ready countries in the world.