For the crypto sector, that exceeded the market valuation of $3 trillion last year and dropped below the mark of $1 trillion last month, acceptance is not coming along quite as smoothly as one may have expected. In its recent report, CoinKickoff has narrowed down the twenty most ‘crypto-stressed’ cities in the world, that includes the three cities from India. On the crypto-stressed list topped by Amsterdam, India’s Bengaluru, Chennai, and Ahmedabad have secured the 11, 15, and 19 ranks respectively.
As per the index, Bengaluru, Chennai, and Ahmedabad have recorded their crypto stress levels at 27.08 percent, 26.38 percent, and 25.51 percent respectively.
The ongoing regulatory draft works on crypto laws around the world has emerged as the main reason why investing in these digital assets is being seen as stressful in several parts of the world.
As long as the crypto sector is not largely regulated, investors will be sceptical about exposing themselves to financial risks associated with the sector, the report highlights. India, where crypto investors are evidently stressing out about dabbling in the sector, is still in the process of formulating its crypto laws.
Starting December, India will be taking up the presidency of the G20 group. Among its top priorities, India is looking to work with the other 19 member nations of the G20 in formulating a framework around cryptocurrencies, that would work on an international level.
Before that happens however, Egypt’s Cairo, Canada’s Toronto, Germany’s Frankfurt, UK’s London, and Russia’s Moscow have also made it to the list of the 20 most crypto-stressed cities in the world.
A Chainanalysis study recently found out that the worldwide adoption of crypto jumped up by 880 percent in 2021, with India, Vietnam, and Nigeria leading the take-up.
Meanwhile, major cities are trying out newer infrastructure technologies to drive crypto adoption with ATMs and retailers accepting crypto as payments.
“Our analysis found that of the 131 countries where cryptocurrency can be bought and sold, residents of the United Arab Emirates (UAE) are the most anxious about their investments,” the report noted.
Interestingly, UAE regions like Dubai and Abu Dhabi are accelerating efforts to establish themselves as global crypto hubs. It’s not unsurprising that investors from these areas feel anxious when the markets experience a downfall.