Investments in cryptos by common folks kicked up worldwide after Tesla CEO Elon Musk announced he invested in Dogecoin. Musk’s investment in Dogecoin hit the media cycles relentlessly and introduced millions of new investors into the market. 2021 can arguably be considered a gamechanger for cryptos as it reached the ears of the mainstream audience. However, one particular country saw an explosion of new crypto investors from 2021 and up until March 2022.
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India’s Growing Interest in Cryptocurrencies
India is the first and foremost country with the highest number of crypto investors as compared worldwide. Also, a population of 1.37 billion people are eager to make it big in life and are looking out for all possible ways to meet their financial aspirations.
According to analytics from Comscore, almost 90 million people in India used a cryptocurrency exchange in March 2022 alone. Comscore revealed that the number could be much higher as it did not take users who used virtual private networks (VPN) into consideration for transactions.
The data from Comscore also shows that Indian investors spent 6.1 billion minutes on crypto exchanges in March 2022. Investors in India had spent 1.7 billion minutes on exchanges in March 2021. The number of minutes spent on exchanges jumped 1058% in a year. Interest in cryptos shot up drastically this year as the Indian media and the government were vocal about cryptocurrencies.
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Tough Times Ahead?
While 90 million people in India used a crypto exchange in March 2022, the numbers might see a starking difference hereon. The Indian government introduced a 30% tax on cryptos with no offset for losses. Investors believe the law is draconian and eats up right into their profit.
The number of users might see a drastic dip from April 2022 onwards as the 30% tax has dampened investors’ spirits.
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In addition, top honchos at the Reserve Bank of India (RBI) have been giving unflattering statements against cryptos regularly. It’s only about time now before India’s dramatic crypto numbers come to a standstill.