{"id":440934,"date":"2023-09-20T10:30:37","date_gmt":"2023-09-20T10:30:37","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=440934"},"modified":"2023-09-20T14:40:57","modified_gmt":"2023-09-20T14:40:57","slug":"india-is-worlds-second-biggest-crypto-market-by-transaction-volume-chainalysis-says","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/india-is-worlds-second-biggest-crypto-market-by-transaction-volume-chainalysis-says","title":{"rendered":"India Is World’s Second-Biggest Crypto Market By Transaction Volume, Chainalysis Says"},"content":{"rendered":"

India is the world’s second biggest crypto market in terms of transaction volume, beating out wealthier nations including Germany and the UK.<\/p>\n

That’s the finding of a Sept. 12 report<\/a> by blockchain research firm Chainalysis, which says India achieved the feat despite a 30% tax on any gains and a 1% tax on transactions. The nation’s crypto transactions reached almost $269 billion in the year through June, ranking second only to the US and fractionally ahead of the UK, it said.<\/p>\n

The US leads in terms of volume, with India holding the second place<\/h2>\n

\"\"Central and Southern Asia and Oceania represent approximately 20% of the global crypto market, it said, with the Philippines and Pakistan also seeing strong growth.<\/p>\n

“The Philippines has a huge share of crypto-related web traffic going to gaming and gambling platforms at 19.9%,” it said. “Countries like Pakistan and Vietnam see a higher share of activity happening on P2P exchanges, which are more commonly used in emerging markets or in countries with stricter capital controls.”<\/p>\n

Users in such countries also are forced to seek out ways to preserve wealth in the face of high inflation, it said.<\/p>\n

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