Broker discovery and comparison platform, BrokerChoose has generated an annual proliferation index, which claims that the number of cryptocurrency owners in India has crossed 10 crores, and the number is around 10.07 crores. The given number is claimed to be the highest in the world for any country. The United States is next in line with 2.74 crore crypto owners, followed by Russia with 1.74 crore and Nigeria with 1.30 crore.
The crypto ownership rate for India is low, given the high population in the country, and that makes India the fifth in the list based on the ownership rate. The crypto ownership rate depends on the total population of the country and the number of crypto owners, and in this index, Ukraine is the top in the list with 12.73 percent, followed by Russia with 11.91 percent, Kenya with 8.52 percent and the US at 8.31 percent. India, fifth in the list has a 7.30 percent ownership rate. The fate of cryptocurrency is still hanging in the country with the government not legalizing the trading of cryptocurrency, and in February this year, Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 was drafted to ban all the cryptocurrencies in India but this has not been tabled yet.
Even online, the number of searches in search engines has been an index tracked, and in that, US has topped the list with the most crypto-related searches, and this is followed by India, United Kingdm, and Canada. A report created by Mint mentions that the crypto owners contributing to this trend in India are young people from tier 2 and tier 3 cities, apart from the metropolitan cities.
The same report also mentions that CoinSwitch Kuber has 11 million users, whereas WazirX stands at 8.3 million, and these big numbers are a testimony to the exponential growth of the cryptocurrency owners in the country. Coinswitch Kuber within a month of its inception had gathered a valuation of $1.9 billion, and another exchange in India, CoinDCX has also reached a valuation of $1.1 billion.