Large number of youth, women’s share also increased in crypto investors in India

People’s interest in investing in cryptocurrencies is increasing in the country. Crypto exchange CoinSwitch Kuber has reported that most of its 1.4 million users are young. Apart from this, the number of women in the total users is about 15 percent. The government is preparing to regulate the crypto segment in the country. Cryptocurrencies are also being opposed by some organizations like Swadeshi Jagran Manch.

On CoinSwitch’s app, on average, people spend 27 minutes buying or selling crypto assets or learning about the crypto segment. Earlier this year, this figure was 13 minutes per user. About 60 percent of the total users of CoinSwitch Kuber are under the age of 28. Delhi, Mumbai, Kolkata, Pune, Lucknow and Patna have more users. Ashish Singhal, Founder and CEO of CoinSwitch Kuber, told Gadgets 360 that people are taking interest in the crypto segment even in small towns of the country. “Recent developments in the industry, including the listing of Bitcoin ETFs in the US, have fueled enthusiasm for cryptocurrencies and are increasing the number of investors investing in it in India as well as around the world,” he added. Singhal said that in view of the expansion of this segment, there is also a need to increase awareness about cryptocurrencies in the country.

The central government had earlier planned to introduce the crypto bill in the winter session of Parliament but it was postponed. The bill has not yet been approved by the cabinet. Its draft includes deciding which cryptocurrencies will be allowed and which can be banned in the country. “The industry hopes that a regulatory framework in place will help clear the confusion surrounding investing in crypto,” Singhal said.

CoinSwitch has also claimed in its report that its transaction volume has grown by about 3,500 percent. In addition, Bitcoin, Ether, Dogecoin and Polygon are among the most traded cryptocurrencies on its platform.

The crypto segment is also being tightened in many countries including China. China imposed restrictions on bitcoin mining a few months ago. El Salvador is the first country to give legal status to bitcoin. There is a possibility of making a regulator soon in the US regarding cryptocurrencies.

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