Investments into cryptocurrencies have skyrocketed over the last year in India, despite continued regulatory pressure from the nation’s government and central bank.
Crypto investments in India grew from about $923 million in April 2020 to nearly $6.6 billion in May 2021, according to data from blockchain firm Chainalysis. This represents a 612% increase over the time period listed.
The number of traders in India now totals more than 15 million, compared to 23 million in the U.S.
Regulatory Pressure
India is experiencing continued growth demand despite ongoing pressures from authorities such as warning from the central bank on concerns about cryptocurrencies as an asset class and a proposed government ban on crypto trading.
As a beneficiary of returns, India still lags other markets ranking 18 out of the top 25 countries by estimated bitcoin gains in 2020, according to Chainalysis.
U.S. ranked first at $4.1 billion followed by China ($1.1 billion), Japan ($900 million), U.K. ($800 million) and Russia ($600 million).
