Data from Chainalysis shows that Indian's share of crypto investments has gone up to $40 M. Last year, the amount was $200 M.
Related: Indonesia banned payment for goods and services using BTC
The youngest investors of the country are more tended to invest in cryptocurrencies than in precious metals.Over 15 million Indians are now purchasing cryptocurrencies. This is roughly 8 million fewer than in the US. A factor that slows down crypto adoption in India is connected with regulatory issues. At the beginning of this month, the country's Reserve Bank (RBI) announced having major concerns about cryptocurrencies.
Six months ago, the government of India proposed a ban on trading digital assets. The decision on the bill is yet to be made.
Last year the Supreme Court invalidated the crypto trading ban rule authorized in 2018.While India is expected to define the status of cryptocurrencies, El Salvador became the first country in the world to legalize Bitcoin. Paraguay may follow it in July.