After years of steady and gradual growth, global adoption of blockchain and crypto accelerated during the pandemic. Facing uncertainty in a turbulent world economy, more people than ever before turned to crypto for the first time. Last year, Bitcoin emerged as a new and exciting technology for individuals, companies and even governments. More recently, El Salvador became the first country to adopt Bitcoin as legal tender, a landmark decision that prompted governments around the world to re-evaluate the role of crypto.
Crypto is incredibly versatile and can be used as a currency, reward, token and much more. Regardless of how the Indian government decides to classify this emerging technology, what is important is that they continue to foster local innovation in the blockchain and crypto space.
As one of the largest and fastest-digitising economies in the world, India is uniquely positioned to lead the blockchain and crypto space. Key factors include India’s ambitious investments in science and technology, which have created a durable engine for economic growth, as well as the nation’s extensive efforts to increase internet access around the country.
According to research from Statista, India’s internet penetration rate, which measures access to the internet, increased by around 45 per cent in 2021, against just 4 per cent in 2007. Today, there are more than 560 million internet users in India, making it one of the world’s largest markets for online consumers. Against this backdrop of innovation, a new generation of digital natives and knowledge workers, eager to connect to the global economy, are on the lookout for new technologies that provide greater access to economic opportunities.
BEYOND BITCOIN
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