India has the highest number of crypto users - over 10 crore

[avikz]

A series of news doing rounds in the Indian media channels and magazines that India tops the list of nations with highest number of crypto owner. The number claimed is a whooping 10 crore plus.

Ref: https://www.news18.com/news/tech/with-over-10-crore-users-india-has-highest-number-of-crypto-owners-in-world-report-4321997.html

Do you believe it?

[teosanru]

A series of news doing rounds in the Indian media channels and magazines that India tops the list of nations with highest number of crypto owner. The number claimed is a whooping 10 crore plus.

Ref: https://www.news18.com/news/tech/with-over-10-crore-users-india-has-highest-number-of-crypto-owners-in-world-report-4321997.html

Do you believe it?

I don't know why I think so but 10 crore looks huge, with internet access to 50% of the population which means around 70 crores, I am surprised that 1 out 7 of them have held cryptocurrencies and if cryptos have become so popular in India how the hell will the government be able to ban it? I think crypto already has gained enough steam to become the next big thing in the country. The thing that surprises me the most is that government had to run hundreds of schemes to educate people to open bank accounts and despite that people are reluctant about it but no one ever promoted cryptocurrencies and yet we have more than 10 crore users holding these.

[pakhitheboss]

I think they have calculated the figure based on the number of accounts Indian exchange have registered with them. A user can have multiple accounts with an exchange. KYC can be done using multiple IDs. For example: Fathers ID, Mothers ID, Brothers ID and ID of actual user. As long as the documents are correct Indian exchanges will clear KYC. The actual figure can be found out based on the data of bank accounts recieving funds from exchanges. 10 crore is a big number and  you cannot rely on information provided by the Indian media outlets.

[avikz]

I think they have calculated the figure based on the number of accounts Indian exchange have registered with them. A user can have multiple accounts with an exchange. KYC can be done using multiple IDs. For example: Fathers ID, Mothers ID, Brothers ID and ID of actual user. As long as the documents are correct Indian exchanges will clear KYC. The actual figure can be found out based on the data of bank accounts recieving funds from exchanges. 10 crore is a big number and  you cannot rely on information provided by the Indian media outlets.

That's quite possible that users have used different mobile phone and used their family member's documents to buy and store cryptos. We Indians are good at such tasks and we often do such things. But in a country of 70 crore internet users, the number of crypto holder looks quite huge and hard to digest.

But I sincerely hope that the government takes notice of this statistics and instead of depriving 10 crore cryptocurrency users, brings favorable legislation.

[pakhitheboss]

I think they have calculated the figure based on the number of accounts Indian exchange have registered with them. A user can have multiple accounts with an exchange. KYC can be done using multiple IDs. For example: Fathers ID, Mothers ID, Brothers ID and ID of actual user. As long as the documents are correct Indian exchanges will clear KYC. The actual figure can be found out based on the data of bank accounts recieving funds from exchanges. 10 crore is a big number and  you cannot rely on information provided by the Indian media outlets.

That's quite possible that users have used different mobile phone and used their family member's documents to buy and store cryptos. We Indians are good at such tasks and we often do such things. But in a country of 70 crore internet users, the number of crypto holder looks quite huge and hard to digest.

But I sincerely hope that the government takes notice of this statistics and instead of depriving 10 crore cryptocurrency users, brings favorable legislation.

Still, I am pleased to see that India is slowly becoming a powerhouse because of the Indian community. Many projects are coming up and a lot of new jobs are being created in this field. So I feel there would be positive news coming out from the government in the future.

[Bitcoin Smith]

10 crore looks too much and its atleast 100 times higher than actual numbers in my opinion but the good thing is many of the Indians heard about bitcoin atter the covid but don't think they hold any amount of cryptocurrencies.