India has emerged as the largest nation in terms of net users adopting cryptocurrencies.
India has an estimated 119 million people who own digital assets, a huge share of the world’s crypto population.
The drivers of adoption include a youthful and technologically dynamic population, high remittance requirements, and the adoption of digital payment systems such as UPI.
Retail trading is not the only type of institutional participation and decentralized finance (DeFi) that is on the rise in India.
It has continued to be adopted despite a challenging tax regime, including a 30 percent flat tax on gains and a 1 percent Tax Deducted at Source (TDS).
Source: https://bfmtimes.com/india-leads-global-crypto-adoption-119-million/
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