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Adoption of Digital Currency (Cryptocurrency) in India 2021

Adoption of Digital Currency (Cryptocurrency) in India 2021

Cryptocurrency is an encrypted and decentralized virtual currency. There are two types of cryptocurrencies, public and private cryptocurrency. There are approximately 41 cryptocurrencies used in India. Bitcoin, Ripple, Altcoin, and Eherteum are some of the popular forms of cryptocurrencies used in the country.
Adoption of cryptocurrency in India:
India is one of the biggest markets for cryptocurrency exchange in Asia with the second highest adoption rate across the globe. On the Global Crypto Adoption Index, India’s index score had been 0.37 in 2021, after Vietnam, which had the highest adoption index score of 1. Cryptocurrency adoption has grown by ~595.26% in India, during the 2020 – 2021 period. The country currently has ~15 million people holding cryptocurrency assets. In spite of the several risks those cryptocurrency transactions accompany, like that of investors’ risks, market threats, cybercrime issues, and increase in tax burden, people made huge investments on the platform.
However, with several appeals made by the Reserve Bank of India (RBI) to ban cryptocurrencies; especially the private cryptocurrencies, the current exponential growth rate of the sector is expected to hamper.

Impact of COVID-19:
The onset of the pandemic followed by the multiple lockdowns have led to an economic distress in the country. People suffered from job loss and economic crisis. As an impact, people started to look for alternate earning avenues, including trading. Currently, cryptocurrency is one of India’s fastest growing sectors and trading opportunity for the common mass. Therefore, investment on cryptocurrency skyrocketed by ~612% in 2020, during the pandemic period. India cryptocurrency market witnessed an exponential growth since the outburst of the pandemic.
Cryptocurrency exchanges:
•Bitbns
•CoinDCX
•CoinSwitch Kuber
•Unocoin
•WazirX
Table of Contents

Chapter 1: Executive Summary

Chapter 2: Socio-economic Indicators

Chapter 3: Introduction
3.1. Introduction to digital currency
3.2. Introduction to cryptocurrency
3.3. Evolution of cryptocurrency in India
3.4. Public and private cryptocurrencies

Chapter 4: Adoption of Cryptocurrency in India
4.1. India’s Position on Global Crypto Adoption Index
4.2. Cryptocurrency transactions in India

Chapter 5: Regulatory Influences
5.1. Regulatory influences

Chapter 6: Risks and Benefits of Using Cryptocurrency
5.1. Risks of using cryptocurrency
5.2. Benefits of using cryptocurrency

Chapter 7: Impact of COVID-19
7.1. Impact of COVID-19

Chapter 8: Cryptocurrency Exchanges in India
8.1. Cryptocurrency exchanges
8.1.1. Bitbns
8.1.2. CoinDCX
8.1.3. CoinSwitch Kuber
8.1.4. Unocoin
8.1.5. WazirX

Chapter 9: Recent developments

9.1. Recent developments

Chapter 10: Appendix

10.1. Research methodology
10.2. About Netscribes
10.3. Disclaimer

Report Title: Adoption of Digital Currency (Cryptocurrency) in India 2021


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