Crypto culture seems to be growing rapidly in India, with adoption increasing among young men and women. In its latest report, Indian crypto exchange CoinSwitch Kuber claimed that out of its user-base of 14 million Indians, 15 percent are women. The findings come at a time when India is still deciding ways to regulate and potentially tax crypto activities and the income generated from trading. CoinSwitch Kuber's report also reveals that most of its users in India are youngsters.
On average, individuals spent 27 minutes on the CoinSwitch app engaging in either purchasing and selling crypto assets or learning about the crypto space from the platform. At the beginning of this year, the average time was 13 minutes per user.
Out of CoinSwitch Kuber's total user-base, 60 percent fall under the age of 28 and majorly reside in Indian metro cities including Delhi, Mumbai, Kolkata, Pune, Lucknow, and Patna.
Speaking to Gadgets 360, Ashish Singhal, the Founder and CEO of CoinSwitch Kuber revealed that the crypto culture is now seeping into smaller cities of India as well.
“Recent developments in the industry, including Bitcoin ETF listing in the US, have led to further excitement around crypto mainstreaming and will continue to expand crypto adoption globally and in India. We are seeing increasing interest from residents in tier two and three markets in India,” said Singhal. He further said that the crypto awareness initiative must be ramped up in all parts of India given the expansion of this space.
In its report, CoinSwitch also claimed that it registered a growth of 3,500 percent rise in transaction volumes with Bitcoin, Dogecoin, Ether, and Polygon emerging as the most traded assets.
The crypto bill that was left out of the discussion for the Winter Session of Parliament is currently with the Cabinet awaiting approval. The draft asks regulations to qualify which cryptocurrencies could be operational in India and which could not be.
“The industry is hopeful that a regulatory framework will help address misconceptions around crypto asset investing and encourage more Indians to start their crypto journey. A regulatory clarity will help standardise and regularise best practices across the crypto industry,” Singhal added.
Industries backed and based on cryptocurrencies have witnessed a major global explosion, making the space “too large to ignore”, claimed a report by the Bank of America (BofA) that was recently published.
Mergers and acquisitions in the crypto space have also spiked from $940 million (roughly Rs. 7,025 crore) in 2020 to $4.2 billion (Rs. 31,390 crore) in 2021, the BoFA's report had added.
Crypto-related firms managed to gather more than $30 billion (roughly Rs. 2,27,617 crore) in 2021, making it an all-time high.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
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