India’s Cryptocurrency Market Grow 641% Over Last Year, Report Says.
India has a 59% share of the activity that takes place on decentralized finance platforms (DeFi), while Pakistan has 33%, according to the report.
India, Vietnam and Pakistan are helping lead the expansion of cryptocurrency markets in Central and South Asia, according to Chainalysis.
The India’s market grew 641% over the past year and Pakistan’s 711%, a Chainalysis report showed, using a metric that estimates the total cryptocurrency received by a country.
India has a 59% share of the activity that takes place on decentralized finance platforms (DeFi), with Pakistan at 33%.
according to the report, adding that there has been a significant increase in entrepreneurship related to the cryptocurrencies and venture capital investment in the region.
“Large institutional-sized transfers above $ 10 million in cryptocurrency account for 42% of transactions sent from India-based addresses, compared to 28% in Pakistan and 29% in Vietnam,” the report said. “Those numbers suggest that crypto investors in India are part of larger, more sophisticated organizations.”
The past year has seen a number of twists and turns for India’s cryptocurrency market, including on the regulatory front, with some reports that the country could attempt to ban or restrict cryptocurrencies. However, Chainalysis noted, more recently it appears that the government may simply favor taxes.
The 15-year-old girl had been staying with Julio Lobo, 27, before her death in February this year. Her diary entries Read more
KABUL: A 5.9-magnitude quake struck northern Afghanistan late Sunday, the US Geological Survey said, jolting Delhi and parts of Pakistan Read more
NEW DELHI: India has emerged as the top country when it comes to corporate responsibility reporting, a global report released Read more
SRINAGAR: Farooq Abdullah, former union minister, has provoked a major controversy by saying that Pakistan Occupied Kashmir "will remain with Read more
