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The Impact of Stablecoin Adoption on the Growth of the Crypto Market in India: Insights from Kevin Lehtiniitty, CEO of Borderless.xyz
Dec 9, 2024
January 15, 2025 – India has been ranked number one in Chainalysis’ 2024 Global Crypto Adoption Index, largely due to its vast unbanked population and widespread mobile use. Despite this impressive adoption, India's government favors central bank digital currencies (CBDCs) over private stablecoins, presenting challenges for broader stablecoin integration and financial inclusion in the country.
The Chainalysis report reveals that emerging markets, including India, Vietnam, and Nigeria, are leading the way in cryptocurrency adoption. This growth is driven by increasing financial inclusion challenges, where crypto offers practical solutions, particularly for cross-border payments and remittances. The report emphasizes that in countries with limited access to traditional banking services, blockchain and crypto are becoming integral to financial ecosystems.
Kevin Lehtiniitty, CEO of Borderless.xyz, commented on the report, stating, “This makes crypto adoption in the country challenging, especially given that India is a huge remittance market of over $150 billion a year that’s generally dominated by inflows into the country.”
The detailed insights from the index aim to showcase how blockchain and crypto are becoming key components of global financial systems, especially in regions where traditional financial services are not easily accessible.
For the full article, please visit Crypto News.
