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India Tops Global Crypto Adoption Index for Second Straight Year

India's crypto market thrives despite 30% tax, central bank skepticism, and exchange bans, cementing its position as the world leader in grassroots cryptocurrency adoption.

1 min 10 secSeptember 11, 2024

Highlights:

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India leads global crypto adoption, despite regulatory challenges.

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40% of Indian crypto trading happens on banned foreign exchanges.

India Tops Global Crypto Adoption Index for Second Straight Year

India has once again topped the annual Chainalysis Global Crypto Adoption Index, cementing its position as the world leader in grassroots cryptocurrency adoption. The country ranked in the top five across key metrics such as use of centralized exchanges, DeFi protocols, and peer-to-peer platforms.

 

Source: Traders Union

 

Despite a 30% capital gains tax on crypto profits and a central bank governor comparing them to "speculative gambling," India's crypto market continues to thrive. The country has become the second-largest crypto market globally by estimated transaction volume, surpassing several wealthier nations.

 

 

However, India's crypto landscape faces challenges. In January, the government blocked access to major foreign exchanges like Binance, KuCoin, and OKX, citing concerns over money laundering. Nevertheless, many Indians continue to circumvent the ban, with 40% of crypto trading still happening on prohibited platforms.

 

Other countries in the top five include Nigeria, Indonesia, the United States, and Vietnam. The rankings also highlight the growing adoption in lower middle-income countries, where crypto usage has surpassed pre-2020 levels.

 

"If lower middle-income countries are the future, then the data indicates that crypto is going to be a big part of that future," Chainalysis noted in its report. The findings suggest that grassroots crypto adoption remains resilient despite the ongoing "crypto winter" and regulatory challenges.

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