There is a key disconnect between India’s top crypto adoption metrics and the lack of widespread cryptocurrency use.
Opinion by: Mithil Thakore, CEO of Velar
India’s top ranking in Chainalysis’ Global Crypto Adoption Index for the second consecutive year paints a picture of heightened enthusiasm for digital assets. However, a closer examination reveals a different narrative — one where high adoption metrics do not necessarily translate to widespread, meaningful use of cryptocurrencies on the ground.
India is a country that has evolved to digital supremacy, where even the most underprivileged and uneducated have adapted to accept payments digitally via methods like the Unified Payments Interface. Yet, cryptocurrencies like Bitcoin (BTC) are far from mainstream, even among the tech-savvy.
