India stands second in crypto adoption worldwide. The 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis has revealed that crypto adoption increased by more than 881 percent in the past year. The 2021 Global Crypto Adoption index analysed 154 countries, surveying 47,000 users worldwide. It found that bitcoin is the most popular crypto in India.
In conversation with The Federal’s Madhu Balaji, Praveen Kumar, Founder and CEO of Belfrics Group, stated that the crypto has entered the financial markets and has been performing well than other asset classes. He stated that the volatility in the crypto market and ease of investing aided the increase in crypto adoption in India. He added that clarity of the government’s stand on crypto would further strengthen the market. Tune in to the podcast to learn more about crypto valuation, P2P transactions, NFTs (non-fungible tokens) and CBDC (Central Bank Digital Currency). He also gives insights on crypto investments.