Analysts reported growth in the number of crypto users in India by 421% over the year
By March 2022, the audience of digital asset trading platforms has grown from 17 million to 90 million people
10.06.2022 - 06:40
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What’s new? From March 2021 to March 2022, the number of crypto users in India increased by 421%, from 17 million to 90 million, according to research by the analytics company Comscore. CoinDCX has become India’s most popular cryptocurrency exchange, its customers are 40 million residents of the country.
What else is known about the research? CoinDCX is followed by WazirX and CoinSwitch with 31,7 million and 30,1 million users respectively. Binance ranked fourth, with the number of accounts registered in India at around 27,6 million. Experts stress that the number of citizens using digital currencies could be higher, considering those who access foreign trading platforms with VPN services.
According to analysts, the surge in the number of crypto users is caused by several factors: the launch of the CoinDCX exchange mobile app, advertising campaigns targeting Generation Z, and the bull market at the end of 2021. Experts consider the listing of Shiba Inu (SHIB) on the WazirX exchange in April 2021 to be another factor contributing to the increase.
Also in April, it was reported that the trading volume on Indian crypto exchanges decreased by 15%-55%. The drop was caused by the introduction of a 30% capital gains tax on digital asset transactions. Domain traffic on the exchanges also dropped by 40%. WazirX recorded a drop in trading volumes below $100 million from the $208 million mark.
In May, cryptocurrency exchange Coinbase reported the suspension of activities in India. CEO Brian Armstrong explained that the exchange shut down the Unified Payments Interface (UPI) due to “soft pressure” from the Reserve Bank of India (RBI). He also pointed out that the RBI violates the 2020 Supreme Court ruling, which lifts the ban on crypto banking.
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