It’s not much of a surprise that the second most populous country in the world has an active cryptocurrency scene. But when it comes to the number of Indians holding crypto, finding the right answer might be harder than expected.
Delving ‘Indo’ data
Around mid-October, a number of major Indian news platforms published articles stating that India had more than 10 crore [100 million] crypto owners/users.
“About 2 crore is a conservative number for the total number of people in crypto in India…”
To be specific, two crore is exactly 20 million.
India does not have 10 crore people in crypto. Someone published an incorrect random number and now other parts of the media is picking it up.
About 2 crore is a conservative number for the total number of people in crypto in India ✌️
— Nischal (WazirX) ⚡️ (@NischalShetty) October 26, 2021
Shetty also warned against spreading misinformation about the crypto industry in India.
A look at the bigger picture
With regard to crypto usage and ownership worldwide, Statista’s 2020 survey put India more than 20 places below the top ranking country, which was Nigeria.
In 2021, however, Chainalysis conducted a survey of the Central/Southern Asia and Oceania region. The report stated,
“Large institutional-sized transfers above $10 million worth of cryptocurrency represent 42% of transactions sent from India-based addresses, versus 28% for Pakistan and 29% for Vietnam. Those numbers suggest that India’s cryptocurrency investors are part of larger, more sophisticated organizations.”
Furthermore, the report added that India’s DeFi activity and grassroots adoption were also high.
Encouraging signs, yes, but experts have warned that celebs endorsing crypto might prevent young Indians from recognizing the risk of investing their savings in an unregulated industry.
On the flip side, this also meant a great deal of legal scrutiny. The report revealed,
“During the period from April 2021 to September 2021, WazirX has received 377 requests from law enforcement agencies out of which 38 requests are from Foreign Law enforcement agencies for transactional and user information.”