Despite India’s anti-crypto regulatory and tax environment, the demand for cryptocurrency in the country remains robust, according to a new report from blockchain intelligence firm Chainalysis.
The firm’s Global Crypto Adoption Index shows that over the period from July 2022 to June 2023, cryptocurrency transaction volumes in India reached nearly $269 billion.
This growth has occurred in the midst of a tax landscape that can be demanding for the crypto industry.
However, the inconsistent application of the transaction tax might hinder local exchanges’ ability to compete effectively, the report says.
It adds that as long as the demand persists, cryptocurrency will continue to have a significant presence in the world’s second most populous country.
According to the report, the United States remains the largest market by transaction volume.
India leads in grassroots crypto adoptionIn the same report, Chainalysis revealed that India leads the world in grassroots currency adoption, despite challenges posed by India’s restrictive tax environment.
The company claims that there is tremendous grassroots crypto
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