• The cryptocurrency market in India and Pakistan has increased by 641 percent and 711 percent, respectively, in the last 12 months, according to Chainalysis

  • the recent Chainalysis report on cryptocurrency adoption in India, Pakistan, and neighboring countries, which is accelerating.

    “India has the second-largest cryptocurrency market after the Middle East.”

    According to Chainalysis, India and Pakistan have the strongest crypto markets after the majority of European countries and the Middle East. It has increased by 641 percent in India and 711 percent in Pakistan over the last year. Indian activity on DeFi platforms accounts for nearly 60% of all activity. Furthermore, according to Chainalysis data, the amount of venture capital invested in the crypto sphere has increased in India.

    Vietnam is also mentioned in the report as a country with rapid crypto adoption. According to Chainalysis, Indian crypto investors are part of large financial institutions.

    However, Bitcoin and other cryptocurrencies are still illegal in India. The report does state, however, that Indian celebrities are becoming increasingly interested in cryptocurrency.

    “India’s leading digital payments company may launch Bitcoin offerings”

    Paytm, the first company to offer digital payments in India, may consider offering Bitcoin to its customers if cryptocurrency is eventually legalized in the country.

    According to the company’s CFO, Madhur Deora, Bitcoin and the regulatory rules surrounding it are currently in a “grey area.” Paytm will consider launching BTC offerings if the situation changes.

    This would be a huge step forward for cryptocurrency adoption in India.

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