Young People Drive Crypto Investment Surge in India

India has seen a surge in cryptocurrency trading since the start of the coronavirus pandemic. Driven by its 750 million Internet users, the country is growing into a hotbed for crypto investment.

In 2021, India ranked second behind only Vietnam in a list of countries seeing the fastest growth in cryptocurrency adoption.

Analysts believe the country may have more than 20 million crypto investors. Young people are driving the growth, with under-35s, especially from smaller cities and towns, leading the way.

Local crypto exchange WazirX, recently acquired by Binance, announced that over 65% of its users are under the age of 35. The company also said it has seen a 700% increase in the number of participants from rural areas.

Indian youth are abandoning investing in gold, which is an established cultural practice in the country, in favor of the more exciting cryptocurrency trading.

What does this mean for me? 

The surge of interest in crypto investment comes despite the Indian central bank’s long-expressed concerns that cryptocurrencies can be used for money laundering and terrorism finance. However, earlier this month, the Indian government announced it would impose a 30% tax on personal profits from virtual digital assets, which came as a welcome sign that cryptos would have a future in the country.

The mass adoption of cryptos in India is another piece of evidence that the asset continues to gain widespread acceptance. For the crypto investor, developments such as these only reaffirm confidence in this new asset class.