Chainalysis Says Indian and Pakistan Crypto Markets Soared 641% and 711% Within a Year

According to Chainalysis, the crypto markets in India and Pakistan have soared 641% and 711%, respectively in 12 months. Furthermore, the blockchain forensics firm says that these figures come in the strongest – after most European nations and the Middle East. In addition, Indian activity on DeFi platforms most notably makes up nearly 60%, with the number of venture investments in crypto also rising. Even though the government of India is yet to officially adopt crypto, several Indian celebrities are beginning to develop an interest.

A report by the Economic Times stated that Patym – the first company to offer digital payments to Indian clients – is mulling the possibility of providing Bitcoin exposure to its clients. This, however, will be dependent on digital currencies finally becoming legalized in India. At the moment, the company CFO, Madhur Deora, might be worried that Bitcoin and the regulatory rules governing it are in a “grey area”. Nonetheless, India would get a major boost from Patym offering Bitcoin, which would undoubtedly pave the way for further crypto adoption.

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On the other hand, China famously shut down crypto activities earlier in the year. This was partly out of concern that privately operated highly volatile digital currencies could cause serious problems. These include undermining government control of the financial and monetary systems, increasing systemic risk, promoting financial crime, and hurting investors. In addition, there is also worry that the process of ‘mining’ these digital currencies could hurt the global environmental agenda.

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