India Ranks second in Global Crypto Adoption

India has been ranked second in terms of crypto adoption, amid a bull run in cryptocurrency assets globally this year, a new report by block chain data platform Chania lysis showed.

According to the report, which ranked 154 countries, worldwide crypto adoption grew by over 881% in the last year. Global adoption has grown by over 2,300% since the third quarter of 2019, it said.

Emerging markets led ahead of the US and European nations, driven by peer-to-peer (P2P) platform trading, the report revealed.

India was second only to Vietnam in the study that ranked countries according to the total cryptocurrency received, the amount of cryptocurrency moved in transactions under $10,000, and P2P trade volume, all weighted by purchasing power parity (PPP) per capita.

India’s crypto bull market was triggered in March 2020 by a Supreme Court ruling that set aside circular by the Reserve Bank of India in April 2018 that banned banks and finance companies from dealing in virtual currencies.

The report said people in emerging markets fear currency devaluation and are driven to crypto to preserve saving. Pakistan, Ukraine, Kenya and Nigeria follow India on the ranking table. S-ET

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