Chainalysis records surge in Indian residents’ cryptocurrency investments

The value of investments in Indian citizens’ cryptocurrencies for the year 2020 rose from $200 million to $38.8 billion. Chainalysis provides these figures; Bloomberg reports.

Analysts recorded an acceleration in growth mid-year, before the pace became parabolic. They estimate the crypto-investor audience in India reached 15 million. By comparison, in the United States there are 23 million holders of digital assets, and in the United Kingdom 2.3 million.

The data illustrate the effect of the Supreme Court’s March 2020 ruling lifting the Reserve Bank of India’s ban on servicing cryptocurrency firms.

The piece noted the lingering threat of tighter legislation. However, authorities’ scepticism did not deter the growth of interest in cryptocurrencies among Indians aged 18 to 35, who preferred them to gold.

“It’s much easier to invest in digital assets than in precious metals because of the simplicity of the process”, said Sandeep Goenka, co-founder of the Bitcoin exchange ZebPay.

In June, Bloomberg reported plans by the Indian government to amend the cryptocurrency ban bill and consider regulating this asset class.

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