🚨 Despite Ban on Foreign Exchanges, India Remains Global Leader in Crypto Adoption 🚨
📌India, the world’s most populous country, continues to lead the way in crypto adoption despite the ban on foreign crypto exchanges. Chainalysis reports that India will remain the largest crypto market in terms of adoption by 2024, surpassing countries like Nigeria, Indonesia, the United States, and Vietnam. The country ranks highest in Chainalysis’ global crypto adoption index, which includes sub-indices of on-chain crypto value received by centralized exchanges (CEXs) and decentralized finance (DeFi) services.
📌Despite the ban on foreign exchanges, data from Chainalysis shows that blocked exchanges still account for a significant portion of the total value received by CEXs in India. The Financial Intelligence Unit (FIU) in India has eased its stance on some platforms, allowing them to continue operating after paying fines. India also ranks second in the Central, South Asia and Oceania (CSAO) region in terms of cryptocurrency value received, after Indonesia.
