Is India Banning Cryptocurrencies? How can it do that?

It is one of the largest companies in the region and is expanding rapidly. An October report from Chainalysis, a crypto analytics firm, shows that the Indian market grew 641% between July 2020 and June 2021. Overall, central and southern Asia was the fourth largest crypto market studied, with over $572.5 billion in value received during that time period, or 14% of global transaction value. Transfers worth more than $10 million accounted for 42% of transactions sent from addresses in India during that period, compared with 28% for Pakistan and 29% for Vietnam. That suggests a more mature Indian market. At the same time, India – with its relatively young and tech-savvy population – is second only to Vietnam in terms of growth rate of cryptocurrency adoption by retail investors in the region.