Last month, a not-so-popular cryptocurrency exchange claimed the number of people who own cryptocurrency in India has crossed 100 million. That’s a huge number and there are more reasons for it to be unrealistic, than a reasonable estimate. What makes the number highly improbable? To put the 100 million in the right context, let us look at how many Indians are registered in various financial channels.

       Let's take the direct tax base first. In India, there are about 84.5 million income tax payers, and this includes both, individual tax payers and companies. The number ...