Quadintel published the latest research report on the Adoption of Digital Currency (Cryptocurrency) market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Adoption of Digital Currency (Cryptocurrency) market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.
Cryptocurrency is an encrypted and decentralized virtual currency. There are two types of cryptocurrencies, public and private cryptocurrency. There are approximately 41 cryptocurrencies used in India. Bitcoin, Ripple, Altcoin, and Eherteum are some of the popular forms of cryptocurrencies used in the country.
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Adoption of cryptocurrency in India:
India is one of the biggest markets for cryptocurrency exchange in Asia with the second highest adoption rate across the globe. On the Global Crypto Adoption Index, Indias index score had been 0.37 in 2021, after Vietnam, which had the highest adoption index score of 1. Cryptocurrency adoption has grown by ~595.26% in India, during the 2020 2021 period. The country currently has ~15 million people holding cryptocurrency assets. In spite of the several risks those cryptocurrency transactions accompany, like that of investors risks, market threats, cybercrime issues, and increase in tax burden, people made huge investments on the platform.
However, with several appeals made by the Reserve Bank of India (RBI) to ban cryptocurrencies; especially the private cryptocurrencies, the current exponential growth rate of the sector is expected to hamper.
Impact of COVID-19:
The onset of the pandemic followed by the multiple lockdowns have led to an economic distress in the country. People suffered from job loss and economic crisis. As an impact, people started to look for alternate earning avenues, including trading. Currently, cryptocurrency is one of Indias fastest growing sectors and trading opportunity for the common mass. Therefore, investment on cryptocurrency skyrocketed by ~612% in 2020, during the pandemic period. India cryptocurrency market witnessed an exponential growth since the outburst of the pandemic.
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Table of Contents:
- Market Overview
- Market Definition and Scope
- Market Dynamics
- Market Industry Analysis
- Market, Regional Analysis
- Analysis of Leading Companies
- Competitive Intelligence
- Research Process
- Market Analysis and Forecast, By Product Types
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East and Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
- Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
- the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
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