Bloomberg has reported about the recent report by Chainalysis about cryptocurrency adoption in India, Pakistan and neighboring countries that is happening at a fast pace.
The crypto market in India and Pakistan is booming, new Chainalysis data show https://t.co/YZ0siULWxm— Bloomberg Crypto (@crypto) November 4, 2021
"Crypto market in India is strongest after the Middle East"
According to Chainalysis, the crypto market in India and Pakistan is the strongest after the majority of European countries and in the Middle East. Over the past 12 months, it has grown 641% in India and 711% in Pakistan, respectively. Indian activity on DeFi platforms also constitutes nearly 60%. Besides, as per data provided by Chainalysis, in India, the amount of venture investments in the crypto sphere has increased too.
The report also names Vietnam as a country with fast crypto adoption. Chainalysis believes that Indian crypto investors are part of large financial institutions.
However, Bitcoin and other cryptocurrencies have not been legalized in India yet. The report does say, though, that Indian celebrities are largely becoming interested in crypto.
"India's digital payments giant may launch Bitcoin offerings"
The Economic Times has reported that Paytm, the first company that began providing digital payments in India, may consider offering Bitcoin to its clients should cryptocurrency become finally legalized in the country.
So far, Bitcoin and the regulatory rules around it are in a "grey area," according to the company's CFO, Madhur Deora. But if the situation changes, Paytm will consider launching BTC offerings.
This would be a massive step for crypto adoption in India.