KuCoin published a survey about the latest developments in India’s crypto and blockchain space. It called Into The Cryptoverse Report India. The survey revealed that India has 115 million crypto investors as of June 2022.
The study found that these people had either traded or kept crypto assets within the last six months.
Crypto Investors have a youthful profile
KuCoin’s India survey shows a positive crypto investment environment in India. According to the survey, India has 115 million crypto investors. Another 10% of this group is crypto-curious consumers who plan to invest in crypto assets in the next six month.
Crypto investors are becoming more young. 39% of those who invested in the first quarter 2022 were between 18 and 30, a 7% increase over the quarter before. 39% of all young investors under 30 are first-time crypto buyers. They started trading in the last three months.
Crypto Investments: The Hurdles
Potential investors are discouraged by the ambiguity of government regulations. 33% of respondents say that regulation by the government is a concern when they consider investing in crypto. A majority of crypto investors are concerned about security. 26% fear hackers, 23% worry that their money may be stolen in the event of an attack, and 23% fear they might not get their money back if there is a security incident,” KuCoin’s PR stated about the survey.
According to the study, the biggest obstacle to the growth of Indian crypto investments is a lack of knowledge on crypto investment. 41% of the respondents don’t know what type of crypto product they should invest in. Twenty-one per cent of respondents don’t know how digital assets work. 27% are unable to predict the market direction.
Subdued Investors’ Sentiment
Due to the current market downturn, investors are feeling less optimistic. This is due to investors preferring to keep the current level of crypto investment rather than increase it. The Indian government’s announcement of the launch of CBDC has piqued local interest in the digital economy.
KuCoin’s CEO stated last month that India would be a major market in the future, citing the “expertise” and “welcoming markets”.
KuCoin, which operates a liquidity trading platform Pool-X in May, announced its plans to launch an NFT market. It is expected to start operations in November.
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