India Ranks 11th Amongst Cryptocurrency Traders Distributed Across the Globe
India has a great untapped potential to be a top 5 if not top 10 player in the global crypto trade. But despite the restrictive and unfavourable environment India has ranked in the 11th spot in the data from DataLight on distribution of crypto traders globally.
Data Light has researched 100 top exchanges across the world to find out where these users who form the majority of traders across these exchanges come from. As expected USA, South Korea, Japan and UK are in the top 5. I wasn't expecting to see Russia in the top 5 but it's there. I thought it might be between 6-10.
Also worth noting is that China is not on this list currently given the restrictive practices imposed by the Chinese government upon it's citizens.
I would hate to see India go down that path though as things remain uncertain in my country.
But it's great that slowly but steadily cryptocurrency adoption and use including trading activity is growing. It won't be easy for any government no matter how much they try to snuff it out.
Hopefully we'll see great adoption from mainstream users in the weeks and months to come. Meanwhile the article also mentions that:
Turkey for example, has in the last year seen wild fluctuations in the value of the Turkish Lira, as turbulent political conditions rock the country. Interestingly, on one day in August 2018, a 10% drop in the value of the Lira was accompanied by a marked spike in volumes on bitcoin exchange LocalBitcoins.
Perhaps the most obvious and remarkable feature from the infographic is simply how much of the world is actually trading in cryptoassets: nearly every country on the globe is seeing some trading traffic, with the exception of Greenland and parts of central Africa. However, efforts from Binance may introduce cryptocurrencies to central Africa as they launched Binance Uganda in October 2018.
Indian users don't give up hope on a positive regulation around cryptos just yet. Let's hope for the best in 2019.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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My country is in position 10 and crypto might be banned in India. :(
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In this case, you may find that a decentralized Efin DEX would be a good choice for you. It's going to go crazy in the next few days.
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Very surprised seeing Brazil almost making it to the Top 5. Wow.
India better bring those much-needed and long-awaited regulations soon or they'll miss the crypto train big time!
It's good to see that India is rising in crypto. Great news. 👍
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good news for crypto investor.... India is also making position in crptocurrency.... soon india will b in top 5 country.....👍
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Great news for Indian crypto lovers , sir
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