Crypto culture seems to be growing rapidly in India, with growing acceptance among young men and women. In its latest report, Indian crypto exchange CoinSwitch Kuber claims that out of 14 million Indians, 15% are women. The findings come at a time when India is still deciding on ways to regulate and potentially tax crypto activities and the income generated from trading. The CoinSwitch Kuber report also reveals that most of its users in India are young adults.
On average, individuals spent 27 minutes on the CoinSwitch app buying and selling crypto assets. At the beginning of this year, the average time was 13 minutes per user.
Of the total users of CoinSwitch Kuber, 60% are under the age of 28 and mainly reside in major Indian cities including Delhi, Mumbai, Kolkata, Pune, Lucknow and Patna.
Speaking to Gadgets 360, Ashish Singhal, Founder and CEO of CoinSwitch Kuber revealed that crypto culture is now making its way into smaller Indian cities.
“Recent developments in the industry, including Bitcoin ETF listing in the United States, has led to further excitement around crypto mainstreaming and will further expand crypto adoption globally and in India. Singhal said we are seeing growing interest among residents in the secondary and tertiary markets in India. He added that the initiative to raise awareness about cryptocurrencies must be stepped up in all parts of India as this space expands.
The Cryptocurrency Bill has been dropped from discussion for the Winter Session of Parliament and is currently awaiting approval by the Cabinet. The draft requires regulations to qualify which cryptocurrencies can work in India and which cannot.
“The industry hopes that a regulatory framework will help resolve misconceptions surrounding crypto asset investment and encourage more Indians to start their crypto journey. Regulatory clarity will help standardize and regulate best practices in the crypto industry,” Singhal added.
Crypto-backed and based industries have seen a massive boom globally, making the space “too large to be ignored,” the Bank of America report claims. (BofA) was published recently.
The BoFA report adds: M&As in the crypto space have also skyrocketed from $940 million (about 7,025 crore) in 2020 to $4.2 billion (31,390 crore) in year 2021.
Cryptocurrency related companies have managed to raise more than 30 billion dollars (approximately Rs. 2,27,617 crore) in 2021, making it the the highest of all time.
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