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54% of Indian crypto investors surveyed in Q2 planned to invest more in the next six months

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News Tech: Despite the recent market dip, more than half of Indian poll respondents want to increase their crypto investments in the next six months, reflecting a bullish outlook on the market, according to a research by crypto exchange KuCoin.

According to the research, 29% of respondents from the second quarter of 2022 said they expected to keep their present crypto holdings, 12% said they planned to sell part of them, and only 5% said they planned to sell all of them.

According to the survey, 54% of Indian investors planned to spend more of their cash in cryptocurrency in the next six months in the second quarter of 2022. However, the proportion was lower than the previous quarter, when 63% of those questioned had the same sentiment.

According to KuCoin, “as of June 2022, there are over 115 million crypto investors in India who either presently possess crypto or have traded crypto in the previous six months, accounting for 15% of the Indian population aged 18 to 60.”

The Indian crypto market is predicted to reach USD 241 million by 2030, and its development is not likely to be affected by the Indian government’s recent economic policies, according to the exchange.

According to KuCoin, “despite regulatory uncertainties and high volatility, young Indian investors choose to acquire crypto as assets over gold.” “In April 2022, the Indian government established a 30% tax on profits from virtual digital assets, which many industry analysts saw as an indication that crypto trading may not be prohibited after all.” The government has stated that it will create a digital rupee in the coming months, which will provide a significant boost to the digital economy.” It is worth noting that the tax on cryptoasset profits is 30%, which is greater than the country’s stock trading tax rate, which varies from 0% to 15%. The government’s attitude to cryptocurrency is the biggest reason potential investors are hesitant, with 33% stating that government regulation is a cause of concern when contemplating investing in cryptocurrencies.

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The analysis is based on a total sample of 2,042 Indian citizens aged 18 to 60, according to KuCoin. From October 2021 to June 2022, 1,541 self-identifying crypto investors (who presently possess crypto or have traded crypto in the previous six months and will continue to trade in the next six months) and 501 crypto-curious consumers were questioned (who were interested in investing in crypto in the coming six months).

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