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In 2021, India had second-highest number of cryptocurrency users in the world: Report

The popularity of cryptocurrencies does not appear to be waning. Based on statistics, investors in India have also embraced cryptocurrencies. According to recent research by Chain analysis, the surge in cryptocurrencies in India has resulted in a massive increase in the country’s user base. As per the analysis, India will have the world’s second-highest number of cryptocurrency users in 2021. The report, which was published in 2021, India is second only to Vietnam in terms of bitcoin users.

In addition to an increase in the number of cryptocurrency users, the industry research firm’s analysis showed that the country’s crypto market expanded by 641 per cent last year. While Pakistan ranks third in terms of bitcoin users behind Vietnam and India, it has had the most increase (711%). While India, Vietnam, and Pakistan all have significant levels of grassroots cryptocurrency acceptance, they are considerably different in terms of raw transaction value, according to the analysis.


In addition, the research highlighted probable causes for the increase in user numbers based on comments from industry experts. For example, Joel John, Principal at LedgerPrime, believes that the simplicity with which crypto investments may be made has inspired more individuals to get interested in them.

Meanwhile, the report quotes Krishna Sriram, Managing Director of Quantstamp that Tons of Indian programmers, fund analysts, and independent freelancers working for abroad clients have started wanting to be paid in cryptocurrencies.


The increase in bitcoin usage happened at a moment when Finance Minister Nirmala Sitharaman has stated that the government will provide clarification on cryptocurrency formalisation shortly. The government recently declared that virtual digital assets would indeed be taxed in the fiscal year 2022-23.