Surpassing Established Markets
India ascends to be the world’s second-largest cryptocurrency market, leaving behind nations like the UK, Turkey, and Russia.
Unveiling the Dominance
In a report released on September 12th, Chainalysis highlights India’s dominating position based on raw transactional volume, second only to the USA.
Diving Deeper into India’s Cryptocurrency Popularity
Staggering Transactional Volumes
Between July 2022 and June 2023, India recorded a whopping transactional volume nearing $269 billion.
Tax Implications & Their Impact
With a higher tax rate on cryptocurrencies than most nations, India’s competitive edge might be compromised. Yet, Chainalysis notes:
“The overwhelming demand in India appears undeterred by such challenges, ensuring a long standing place for cryptocurrencies in this populous nation.”
The Growing Potential of CSAO
A Vibrant & Fascinating Market
Central Asia, South Asia, and Oceania (CSAO), while accounting for about 20% of the global crypto market, is deemed one of the “most vibrant and captivating crypto spaces.”
Driving Forces Behind the Trend
For instance, P2E blockchain game, Axie Infinity, boosted the Philippines’ crypto adoption. Meanwhile, high inflation and currency devaluation in countries like Turkey and Pakistan seem to be pushing the masses towards cryptocurrency.
Keywords: India, Chainalysis, Cryptocurrency, UK, Turkey, Russia, USA, Tax, CSAO, Axie Infinity,Philippines, Turkey, Pakistan
