December 1, 2022

India became the leader in investments in cryptocurrencies in March 2022

Investments of ordinary people in cryptocurrencies have increased dramatically around the world after Tesla CEO Elon Mack announced, what invested in Dogecoin. This event was covered by the media and thus attracted millions of new investors to the market.

2021 can be considered a turning point for cryptocurrencies, since information about them has reached a wide audience. However, the volume of investment in each individual country was different.

India has become the country with the largest number ofcrypto investors compared to the rest of the world. The population of 1.37 billion people strives to achieve success in life and looks for opportunities to improve their financial situation.

According to Comscore analytics, March 2022 onlyalmost 90 million people in India have used the services of cryptocurrency exchanges. In reality, this number can be much higher, since it does not take into account users of virtual private networks (VPNs).

Comscore data also show that in MarchIn 2022, Indian investors spent 6.1 billion minutes on crypto exchanges. In March 2021, this figure was 1.7 billion minutes. Thus, the number of minutes spent on the exchanges increased by 1058% in a year.

The number of users could drop sharply from April 2022 as the Indian government introduced a 30 percent tax on cryptocurrencies.