According to a new study by cryptocurrency exchange KuCoin, about 15% of the Indian population aged 18 to 60 own cryptocurrencies, totaling 115 million users.
33% of those millions are concerned about ambiguous government regulations that users believe could scare off potential crypto investors. Also, users are concerned about security issues: 26% are worried about hacks and exploits, 23% about the loss of funds in the event of a hack.
The report is based on a sample of 2,042 Indian adults who were interviewed between October 2021 and June 2022. Of these, 1,541 respondents described themselves as an investor in crypto-currencies – after owning or trading in the past few months.
The problems associated with the acceptance and adaptation of new users of digital assets are diverse, but the main aspects for the citizens of the country are issues of education, government regulation and security. About 41% of respondents admitted that they are not sure which cryptocurrency is better to invest in, and 37% find it difficult to manage portfolio risks. Another 21% of respondents know little about how cryptocurrencies work.
The majority of cryptocurrency users in India are under 30 years old. At the same time, 39% of investors aged 18 to 30 were identified only in the first quarter of 2022. 54% of respondents see cryptocurrencies as a more effective investment tool, unlike traditional assets.
For the mainstream adoption of cryptocurrencies to take place in the country, says KuCoin CEO Jonny Lyu, the Indian population needs to be better informed about the potential use cases for digital assets and the underlying technologies. This will also lead to positive legislative innovations.
Earlier, the Indian authorities called on the G20 to include their country in the automatic exchange of information between national tax authorities.
Source: Bits
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