India, the fifth-largest nation by nominal GDP, often makes headlines for its attempts to outlaw crypto, real or rumored. But the governments less-than-friendly attitude toward crypto has not curbed Indians curiosity about it.
Nor do rumors scare away the giants of the crypto world. Just last week, Coinbase announced it is planning to establish its presence in India. Another powerhouse, Binance, has been there since 2019 when it acquired Indias largest crypto exchange, WazirX.
India has a population of 1.4 billion people (the largest in the world after China) that is predominantly young (median age is between 28 and 29 years old) and tech savvy. Over the past few decades, India has become a developer hub for many tech projects around the world.
India is one of the youngest countries in the world, and these 28- to 29-year-olds are people who want to be a part of the revolution, said Indian crypto advocate and YouTube influencer Kashif Raza.
India also has the second-largest online population after China, with over half a billion users taking advantage of the cheapest internet in the world.
According to the BBC, one gigabyte of mobile data costs $0.26 in India, compared with $12.37 in the U.S. and a global average of $8.53.
This means India has the potential to become “one of the largest crypto economies in the world,” said Mohammed Roshan, former chief scientist at the Unocoin exchange and now the CEO of GoSats, an app allowing people earn bitcoin (BTC, +2.04%) rewards while shopping online.