In a recent crypto exchange survey, KuCoin estimated that 115 million Indian citizens are invested in cryptocurrencies, with even more still concerned about the government’s stance toward the sector.
Over 115 Million Indians Have Invested in Crypto
With the surge in crypto interest among Indians, KuCoin has reported that over 115 million Indians, or approximately 11% of the nation’s population, has traded in cryptocurrency in the last six months.
In the survey titled “Into the Cryptoverse, India,” KuCoin takes a look at the development of the blockchain industry and crypto space in the world’s second most populous country, despite its harsh crypto stance.
According to the survey, 39% of the crypto investors are aged 18 to 30. The survey reports that 56% of crypto investors believe crypto is the future of finance, while 54% believe that crypto will bring them a higher return on investment in the long run.
Regulations and Security Are Top Concerns
A key highlight of the KuCoin survey is the ambiguous stance the Indian government has taken toward regulating the industry. According to the survey, 33% of the 115 million investors are worried about the nation’s regulations.
Another major concern of investors is the security of cryptocurrency platforms. KuCoin reports that 26% of investors are worried about hacks and exploits, while 23% are concerned about losing funds in the event of a security incident.
On the Flipside
- India’s recent regulation saw many crypto exchanges exit the country to other regions with more favorable crypto regulations.
Why You Should Care
The KuCoin report follows on the heels of recent developments in India, which have seen an increase in local demand for cryptocurrency.
Read about India’s blockchain pursuit in:
India Launches Blockchain Forum with Vision to Become Global Blockchain Hub
Get more details about BitConnect’s charges in India below:
Indian Police Book Satish Kumbhani, Founder of Crypto Scam BitConnect, on Fresh Charges