Despite being known for its booming tech industry and tech-savvy people, India surprisingly falls behind Pakistan in terms of being friendly towards cryptocurrencies. While India holds the 11th spot on the list of most crypto-friendly nations, Pakistan ranks 10th.
This difference comes at a time when cryptocurrency ownership is on the rise globally. In 2023 alone, the number of people who own cryptocurrencies jumped from 432 million to 580 million, showing how popular digital currencies are becoming.
Some countries are welcoming technological advancements in the crypto world, while others are putting regulations in place that make it harder for cryptocurrencies to grow. Argentina is leading the way as the most crypto-friendly nation, with the United States following closely, even though there are challenges like high mining costs.
In contrast, India is taking a cautious approach. Cryptocurrencies are in a kind of grey area when it comes to regulations, and there are new tax rules introduced in the 2022 central budget. On the other hand, Pakistan doesn’t have many regulations regarding cryptocurrencies at the moment.
The increase in crypto ownership worldwide shows that more and more people are interested in digital currencies. This trend is making countries decide whether to support cryptocurrencies or regulate them more strictly. As India figures out its stance on cryptocurrencies, it will be interesting to see how it responds to this growing trend compared to other countries.