Author: Jagdish Kumar, India
With over 1605 cryptocurrencis in trading today with a market capitalization of $285 billion, according to Coinmarketcap.com, demand for crypto are more in India than in the United States, find a study.
A study conducted by Dalia Research, a Germany-based research firm have found that India stands at fourth place with 6% after Japan, the UK and the US in people owning cryptocurrencies in the next six months.
India has about 7% of people owning cryptocurrencies that includes Bitcoin, Etherium, Ripple and others, while Japan stood on top of the table with 11% of its citizens owning cryptocurrencies, the study added.
The study which was released in May 2018 also found that though India ranks fourth, but crptocurrencies among people are currently stands at sixth in an overall ranking among the countries surveyed.
Over 29,000 people were asked specific questions regarding cryptocurrencies in eight countries.
This comes after the India’s Reserve Bank of India halted crypto trading in the country citing no regulation to deal with the new form of digital currency.
Both men and women in India were equal in owns the new form of cash, the survey found.
Speaking on this, a Hyderabad based cryto trader said that he has started using Binance and Bitrex to trade his crypto assets bypassing the RBI’s order of ban in the crpto currency in 6 April 2018.
He said that government is failing to understand, due to ban in place, it losing out on revenue that could be made from the newly created sector. If the government wants to win people from this segment, they have to regulate the sphere.
After RBI released a circular, an online campaign #isupportcrypto, was started. Through the campaign, cryptocurrency users are demanding removal of the ban on exchange houses and even threatened to restrain from voting for the ruling government.
The cryptocurrencies market capitalization peaked during January 2018, when it surpassed $795 billion, according to Coinmarketcap.com data.
Image credit: crypton.su