look news india
Mumbai: According to a report, India has the highest attraction towards cryptocurrency among more than 150 countries in the world. India has been leading in terms of cryptocurrency adoption for the second consecutive year in the year ending July of the current year. Crypto, including bitcoin, rose on Thursday due to low inflation in the US.
Despite India’s strict regulations and high tax rates on crypto operations, investors are taking a keen interest in these risky assets.
India ranks high among 151 countries in the use of centralized exchanges and decentralized finance assets. The report covered one-year trends from June 2023 to July 2024.
India has started taking strict measures against cryptocurrencies since 2018. India's Financial Intelligence Unit issued notices to nine foreign exchanges late last year for non-compliance with local regulations.
Despite the limitations, the report notes that India is seeing varying levels of adoption of different types of crypto assets.
India has started rolling back some of the restrictions which will lead to increased adoption of crypto in the country.
Crypto trading in Indonesia has seen massive volumes. The use of cryptocurrencies for payments is banned in Indonesia but is permitted as an investment asset. In the 12 months ending July, the country saw $157.10 billion in crypto inflows.
Meanwhile, speculators flocked to crypto and leading crypto Bitcoin surpassed $58,000 as the Federal Reserve is now almost certain to cut interest rates next week, with US inflation data coming in lower than expected. Ethereum was quoted at $2356.