Investments in cryptocurrencies have been on the rise in India, despite continued regulatory pressure from the country’s government and central bank.
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According to data from blockchain firm Chainalysis, crypto investments in India rose from around $200 million to nearly $40 billion last year. This indicates a 200-fold increase.
The number of crypto traders in India is 15 million more than traders in the US.
Despite the warnings from the central bank in India and the pressure on cryptocurrencies, the country is experiencing an increase in investment.
According to Chainalysis, India ranks 18th among the top 25 countries by gains in 2020. The USA is in the first place with 4.1 billion dollars, while China is in the second place with 1.1 billion dollars.