KuCoin released a survey earlier this week regarding new developments in India’s blockchain and cryptocurrency ecosystem which revealed the number of crypto investors in the country to be in the 115 million range as at June 2022. The study claims that these people have either traded or held cryptocurrency assets in the past six months.
KuCoin’s India survey paints the picture of a cheerful crypto investment landscape in the Asian nation. It says that 115 million crypto investors represent 15% of India’s population in the 18-60 year age grade, while another 10% of the same age grade are curious cryptocurrency consumers planning to invest in digital assets in the next six months.
The demographic profile of crypto investors is becoming increasingly young, as 39% of all cryptocurrency investors in the first quarter of 2022 are aged between 18-30 years, a rise of 7% from figures in the previous quarter. New and inexperienced cryptocurrency buyers make up 39% of young investors below 30 years. They started trading in the past three months.
The study also revealed that the lack of sufficient knowledge about investment in cryptocurrency is the most significant hurdle in the growth of crypto adoption in India. It cites 41% of respondents who said they don’t know which type of cryptocurrency products they should invest in. Twenty-one percent of respondent don’t understand how digital assets work and 27% find it difficult to predict market trends.
The investment sentiment is currently lacking because of the crypto winter. It reflects in investors’ preference and decision to maintain their current amount of cryptocurrency investments rather than increase it. On the bright side, the Indian government has announced the launch of CBDC, which has further piqued locals’ interest in the digital asset ecosystem, the KuCoin PR said.
Last month, KuCoin’s CEO said India is emerging as a key market in the long run because of the welcoming market andlocal expertise. India accounted for 5.6 million new customers that KuCoin added in the first half of 2022. KuCoin announced plans to launch an NFT exchange in May through its liquidity trading platform Pool-X, which will begin operations in November.
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