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India Surges To Top In Crypto Adoption Despite Regulatory Challenges
India stands tall in the crypto world, outpacing other countries in Chainalysis’s 2023 Geography of Cryptocurrency report.
The annual study, which ranks 155 countries based on centralized exchange volume, peer-to-peer (P2P) trading volume, and DeFi transaction volume, places India first in every category except for P2P volume.
Nigeria takes the lead in P2P trading volume, ranking second overall, followed by Vietnam, the United States, and Ukraine.
India also shines in decentralized exchange (DEX) volume, coming in second place.
It ranks fourth in activity on centralized exchanges, lending protocols, and smart contract interactions and ninth for NFT volume.
These impressive numbers come despite the nation’s turbulent environment regarding digital asset regulation and taxation, which includes a 30% tax on crypto trading profits introduced earlier this year.
Interestingly, the report highlights the dominance of lower-middle-income (LMI) countries in crypto adoption.
These are countries with a gross national income per capita between $1,086 and $4,255.
Chainalysis points to LMI nations as the only group whose total grassroots adoption remains above where it was in Q3 2020, suggesting that if these rising countries are the future, crypto is set to be a significant part of it. Read more here.
How people reacted to big inventions in history.
Chainalysis busts several prevalent cryptocurrency myths.
Crypto boom in Sub-Saharan Africa used to offset high inflation.
Argentina’s inflation crisis and the quest for stability through cryptos and stablecoins.
How Can Emerging Cryptos Benefit From India’s Thriving Crypto Industry?
India, a nation known for its rich cultural history and technological prowess, is now making its presence felt in the realm of cryptocurrencies.
This suggests a growing sophistication among Indian crypto users and an increasing willingness to step away from traditional finance.
Despite the country’s labyrinth of digital asset regulation and taxation, there’s a surge in adoption.
This is great news for cutting-edge blockchain alternatives like Splitchain.
On Zucoins’ Splitchain network, nodes primarily cache data while peers, such as the wallet app, do the heavy lifting.
This innovative shift from the mainstream approach provides swift transaction settlement speeds and real-time processing.
It significantly enhances user experience and trade efficiency, undoubtedly a good sign for the growing crypto market in India.
As Henry Ford once said, “If you always do what you’ve always done, you’ll always get what you’ve always got.”
Zucoins and Splitchain are certainly not doing what others have always done.
They’re not just another Bitcoin or Ethereum—they have a unique system and offer a very different solution.
Splitchain, for instance, isn’t susceptible to a 51% attack vulnerability, unlike Bitcoin’s blockchain network.
What’s more, the Splitchain network doesn’t charge layer-1 transfer fees, enabling users to exchange value freely without incurring extra costs.
This feature alone gives Zucoins a competitive edge, where users appreciate value for their money.
In addition, Zucoins and Splitchain offer superior fractionalization capabilities.
Zucoins can be divided up to 32 decimal places, surpassing Bitcoin’s 8, allowing for more flexibility and potential microtransactions.
In a world where small is the new big, this feature could be a game-changer.
Moving forward, the focus is on broadening the uses of the Splitchain network and its native token Zucoins.
From integrating payment processor services to customized retail solutions, the possibilities are endless.
It’s like having a Swiss Army knife in the world of digital currencies.
A world where you can perform microtransactions without any hassle, quickly and easily.
As they say, the future is here, it’s just not evenly distributed yet.
With Zucoins and Splitchain, we’re one step closer to that future.
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All the best,
Peter & Rob
MyZucoins
Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.