Chainanalysis reports 2024 says India leads the crypto adoption on global scale

[Bitcoin Smith]

It's shocking isn't it? We maybe the highest populated country but I always thought we were lacking in terms of crypto adotion due to the government's anti crypto nature since the beginning that resulted in shadow ban by banks which lifted by supreme court over ruling the RBI order and later they went on banning the global exchanges.

Despite all these, we still managed to outrank every country out of 151 in the adoption rate of crypto so how do you see this news? Which will affect the government's current status to relaxing their taxing rate to reasonable rate and more importantly why we don't see anyone end up on bitcointalk for talking related to crypto events.

India tops global crypto use despite offshore exchange ban

[avikz]

Very encouraging indeed!

But our population could be one of the reasons for this growing adoption. Also since the exchanges are listed with FIU, banks are not able to take actions against the crypto exchanges and users apart from spreading misinformation.

Since the day our finance minister has imposed 30% tax on crypto gains, the cases from banks freezing account of crypto users have dropped significantly.

Even if 30% tax is not sustainable, but if that makes the government happy, I don't think it's going to change ever.

[pakhitheboss]

It's shocking isn't it? We maybe the highest populated country but I always thought we were lacking in terms of crypto adotion due to the government's anti crypto nature since the beginning that resulted in shadow ban by banks which lifted by supreme court over ruling the RBI order and later they went on banning the global exchanges.

The government tried everything to stop the public from venturing into cryptocurrency. They were able to to do some damage after 2022 but those damages did not persuade the community from moving out of this business. This is second year in a row that India leads in global adoption of cryptocurrency. I think it will remain in the same position next year and they year after too.

Despite all these, we still managed to outrank every country out of 151 in the adoption rate of crypto so how do you see this news? Which will affect the government's current status to relaxing their taxing rate to reasonable rate and more importantly why we don't see anyone end up on bitcointalk for talking related to crypto events.

The government will not make any changes in the taxation. They have even implemented atrocious tax system in the stock market. I doubt they will reduce the tax in cryptocurrency. I think the main reason why we our local board does not have enough traffic is because we don't have a dedicated merit source.

[TheUltraElite]

That crypto adoption does not mean bitcoin adoption. The Indian population is still in the "get-rich-quick" mindset, as a result of which they are moving to altcoins specially memecoins and other similar shitcoins eventually getting into a loss position to be stuck for years. But indeed it has increased over the years which is a good sign.

For now we can just hope for the more lenient moves from the government. If the overseas countries become lenient, India will be forced to adopt similar rules.

[pakhitheboss]

That crypto adoption does not mean bitcoin adoption. The Indian population is still in the "get-rich-quick" mindset, as a result of which they are moving to altcoins specially memecoins and other similar shitcoins eventually getting into a loss position to be stuck for years. But indeed it has increased over the years which is a good sign.

Frankly! You cannot make money if anyone is still into Bitcoin. Those who were the early adopter are now rich like heaven. Indians are trying to find the same thing with alternative cryptocurrencies like altcoins. I don't not think it is bad as I have made good amount with altcoins without investment through the airdrops. I am again making good amount in 2024 with meme coins airdrop and investment. There is nothing wrong in exploring other feasible opportunities to make good money.

[pawanjain]

Despite all these, we still managed to outrank every country out of 151 in the adoption rate of crypto so how do you see this news?

I think it's quite skeptical to say that India is leading in crypto adoption because we have to know what it clearly means when they say crypto adoption.
For me crypto adoption is when shops have started using/accepting crypto payments.
But that is clearly not happening and so we must know whether they are just taking the increasing count of crypto users as crypto adoption or are they considering any other factors.

[pakhitheboss]

I think it's quite skeptical to say that India is leading in crypto adoption because we have to know what it clearly means when they say crypto adoption.
For me crypto adoption is when shops have started using/accepting crypto payments.
But that is clearly not happening and so we must know whether they are just taking the increasing count of crypto users as crypto adoption or are they considering any other factors.

I do not think it would be right to consider that adoption only means whether shopkeepers in India accept cryptocurrencies as a payment method. If that were the situation then Europe would be topping the list. It would be best if you read the Chainanlysis report rather than reading the Cointelegraph article. I did read it and I am quoting below the 5 parameters they considered before concluding that India is leading in crypto adoption.

[1] Centralized service value received ranking.
[2] Retail centralized service value received ranking.
[3] P2P exchange trade volume ranking.
[4] DeFi value received ranking.
[5] Retail DeFi value received ranking

Source.