Bengaluru 5o3544 Chennai, Ahmedabad Named Among World's 20 Most ‘Crypto Stressed’ Cities

On the crypto-stressed list, India’s Bengaluru, Chennai, and Ahmedabad have secured the 11, 15, and 19 ranks respectively. 1x2pu

Written by Siddharth Suvarna | Updated: 16 November 2022 13:59 IST

Bengaluru, Chennai, Ahmedabad Named Among World's 20 Most ‘Crypto Stressed’ Cities

Photo Credit: Unsplash/ Ewan Kennedy 2j5q6g

Cairo, Toronto, Frankfurt have also made it to the world’s 20 most crypto-stressed cities

Highlights

UAE is the most crypto-anxious nation
Laws around crypto will bring-in investor footfall in the sector
Moscow and London are also among crypto-stressed cities

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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.

Bitcoin, Ether Show Signs of Minor Recovery After Rough Start to the Week

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, '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.

What Could More Regulation Mean for the Future of Digital Currencies?

A Chainanalysis study recently found out that the worldwide adoption of crypto jumped up by 880 percent in 2021, with Nigeria leading the take-up.

Meanwhile, major cities are trying out newer infrastructure technologies to drive crypto adoption with 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 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.

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Further reading: Crypto Stress

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More