laws and people – I’India is the second most populous country in the world with 1.5 billion of inhabitants and according to the latest studies, it is there that we find the greatest number ofusers of crypto in the world. And by far ! Despite drastic measures on the part of the authorities in an attempt to stem or at best to control this phenomenon, the population is increasingly using these new financial technologies. The rise of national FinTech and mobile telephony partly explains this increasing adoption of a young population, increasingly better educated and whose purchasing power continues to increase. Focus today on this crypto giant.
Half of the world’s crypto users are in India…
The United States, Europe, China, Russia, Nigeria, these are often the same countries that come up in the crypto news as theIndia is rather under the radar. However, this country is already on the first step of the podium with 156 million crypto users. To better understand the importance of the figure, Statista reminds us that in the United States they are 29 millionin Russia 10.6 and in Japan 4.4. This means that more than half of the crypto users in the world will be in India in 2023.
And the figures are not about to be reversed since Statista experts believe that by 2027it will not be less than 191 millions of people who will be using crypto in the country. Dizzy. In an attempt to explain this phenomenon, observers put forward several factors and in particular a high rate of penetration of mobile technology. In particular, there would be more than one billion smartphone users in the country who are already ready to switch to digital payments. This all the more so since many FinTech Local authorities are developing new tools to facilitate peer-to-peer payments, cross-border transactions or even micropayments using the blockchain. So India future world leader in the sector? Not so sure, because the authorities are historically hostile at Bitcoin & Co.
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…and the government is keeping watch
Indeed, for many months already, the government of Prime Minister Nawill make Modi does not miss an opportunity to say all the bad things he thinks of decentralized cryptocurrencies to promote their central bank digital currency. The central bank governor Shaktikanta Das outright called for an outright ban on private cryptos to warn the country against the coming financial crisis. But that was before, it was at the time of simple declarations. Because since last week, the entire crypto sector must now submit to the rules anti-money laundering (AML).
This consists of registering with the financial intelligence unit and complying with various processes that have become mandatory as a KYC systematic for users. All of these restrictions come from the Financial Action Task Force initiated byOECD and which aims to fight against money laundering and the financing of terrorism. After an offensive on the tax front last year, the authorities are adding a layer of it by forcing users and exchanges to comply with new, even stricter rules.
Professionals in the country are divided on the scope of these measures. For some, this will make it easier toadoption thanks to a frame clearer regulations and safer for the general public by eliminating bad players from the market. For others, it is a outrageous charge against decentralized cryptocurrencies which will result in an exodus of customers to unregulated international platforms. Well, well, that reminds us of the ongoing debates in many other countries in the world!
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