India ranked third globally in crypto downloads !!!

India ranked third globally in terms of the number of downloads of cryptocurrency exchange applications between August 2015 and June 2022, data from a working paper released by the Bank for International Exchange (BIS) showed. The total downloads of such apps in India stood at 30.1 million.

The United States of America (USA) saw the highest number of downloads at 126.9 million, followed by Turkey with 44.2 million downloads.

The high number of downloads in India was due to the bull run in the market, curiosity around the crypto technology and access to smartphones and better internet facilities, experts said.

"India is a country with a very high focus on technology as a delivery model for all products and services," Vivek Iyer, partner at advisory firm Grant Thornton Bharat said."Crypto has been an interesting concept and the intellectual curiosity for grasping the same is the reason I would probably attribute to the downloads," he added.

"After Bitcoin hit its all-time high, the interest among retail and everyday users spiked in India. Also, with more people having better access to smartphones and the internet than ever before," Edul Patel, CEO and co-founder of crypto investing platform Mudrex, said.

The data from BIS showed that the majority of the downloads took place when the price of Bitcoin was above $20,000.

"In particular, with data over 2015–22, we show that users are more likely to make active use of crypto exchange apps in months after a rise in the price of Bitcoin," the paper read.
Posted On: Nov 21, 2022

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