India leads in grassroots level crypto adoption in 2023

While 2023 closes in on its end, significant developments such as the crypto bill announcement, continuing discussion on the crypto regulation will carry forward, along with the anticipation around regulators approval on SPOT ETF applications.

Sharing his insights to Republic Business on how cryptocurrency fared in 2023, CEO of ZebPay, Rahul Pagidipati, said,"The engagement of the Indian government and the regulatory discussions at the G20 summit have been pivotal moments, signaling a positive stride towards a more cohesive global regulatory framework for the crypto industry. India's presidency at G20 has also underscored the country's dedication to fostering a secure and innovative digital economy,"

In interesting development for the country in the crypt space, India emerged the leader in grassroots crypto adoption, as per the block chain platform, Chainalysis’, 2023 Global Crypto Adoption Index.

The south Asian nation also emerged second in its raw estimated value from July 2022- June 2023, posting a crypto value of $250 billion last year. In the same period, the US recorded close to $1 trillion in crypto value.

While India's grassroots crypto adoption grows, scammers with a motive to target people unfamiliar with blockchain technology have risen, as per media reports.

In the latter half this year, Indian regulators investigated the Solar Techno Alliance (STA) Ponzi scheme. The STA crypto scam which could possibly be India’s largest yet, involving close to Rs 1,000 crore and 2 lakh people, according to the Odisha police.

Speaking on the global environment concerning cryptocurrency, Rahul Pagidipati said, "Bitcoin, Ethereum, and several major crypto assets have seen immense growth since the start of 2023. Bitcoin’s Year-to-Date growth currently stands at 165 per cent, marking a clear shift in the sentiment towards crypto. This year witnessed organic and sustained growth that effectively positioned the market at a healthy spot for the year to come."

Looking ahead towards much-awaited developments in the alternative currency space, he said,"There is considerable excitement within the crypto community regarding the upcoming Bitcoin halving event, innovations taking place in the Defi space, and on approvals of Spot ETF applications filed by various institutional investors."