India among top crypto adopters. Will it alarm govt to expedite regulations?

economictimes.indiatimes.com:

UNCTAD). As per the report, every fourteenth Indian invested in the new age asset despite the covid-19 pandemic. The report highlighted how the adoption of crypto had increased exponentially during the Covid pandemic globally and especially in emerging economies like India, according to Mohammed Roshan, CEO & Co-founder, GoSats. «The report clearly mentions remittances and the fact that crypto was perceived as a way to protect household savings were the main reasons for the rise in adoption in emerging economies,» said Roshan.

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India was ranked sixth in crypto adoption. Only two developed nations were featured in the top 10 — Singapore at fourth and the United States at the sixth spot. Vikram Subburaj, CEO, Giottus Crypto Platform said that the high-level crypto adoption has benefitted many investors. He suggested that the asset may grow and head towards maturity in the upcoming years. The crypto bull run of 2021 attracted a lot of retail and institutional investors to take a dip into the lucrative world of crypto assets, driving the growth of crypto investments in India with seasoned investors, according to the experts. However, the rise in the adoption of crypto assets may raise some red flags for the government, which is in discussions and deliberations for the regulatory framework of the private crypto assets in the country. The Reserve Bank of India has vocally criticized these assets on various platforms, whereas the Enforcement