India has become one of the leading developing countries that have adopted cryptocurrency
In the report Blockchain.com dedicated to the growth of cryptocurrency adoption, it is shown that India ranks second. The data was obtained from a survey conducted in July that showed an increase in the activity of blockchain wallet transactions by 17.4% in India, and by 18.3% in Peru.
Adoption of cryptocurrencies is faster in developing countries
The rise in cryptocurrency adoption in India comes at an exciting time when the state is trying to decide whether to use digital assets as authorities are considering a new ban on cryptocurrency.
In March 2020, IAMAI, the industry body representing cryptocurrency businesses in India, successfully addressed the Reserve Bank of India (RBI) circular.
This call led to the radical lifting of the ban on cryptocurrency banking, which was a positive step towards the revival of the Indian crypto space.
According to another blockchain analysis published in April 2020, India is not the only country that is rapidly adopting crypto.
The report focuses on a social experiment conducted by the Onfo analytical project team. It presents four different countries, including USA, Germany, Indonesia and Russia.
According to the results, developing countries such as Indonesia, are implementing digital currencies four times faster than developed countries such as the United States.