Erik Weijers, 9 months ago
Crypto exchange Kucoin conducted a survey on the state of crypto in India. It shows that a quarter of the population is interested in investing in crypto and 15% are already doing so. That's more than 100 million investors! Especially the younger generation is flocking to the new way to preserve and grow wealth.
Over six months ago, the Indian government decided to finally make investing in crypto legal. The country had always been pretty anti-crypto but probably finally realized that taxation of crypto profits is too attractive to pass up. India's finance minister announced that he would allow crypto ownership and tax the profits at 30%. That's hefty but at least it clarifies the legal status of crypto.
Since then, crypto ownership has become more attractive to investors. However, there is still some uncertainty hanging over the market: 33% of respondents said in the survey that government policy on crypto remains a concern.
The share of eighteen to thirty-year-olds in crypto is unsurprisingly higher than that of other age groups. Remarkably, this share has even increased: 39% versus 32% the first quarter of 2022. The inflow is high in that young age group: 39% have only entered in the last three months.
That is not to say that Indian youth see crypto as a gambling game. On the contrary, 56% see crypto as the future of the financial system and over half say crypto can help them get good returns and passive income in the long run. Only 24% see investing in crypto as taking a gamble.
The Indian rupee has lost fifty percent of its value against the dollar over the past decade. In the country, owning gold is part of the culture: gold jewelry is passed down from generation to generation. It is perhaps one of the reasons why crypto, digital gold, is catching on with savers and investors.
On top of that, India has a huge and relatively young population. The country is in the top 5 worldwide when it comes to the number of startups. It already has major crypto exchanges like WazirX. Add to that the fact that India's youth speak English well. All those factors combined could well mean that India will be a crypto leader in Asia in the coming years, along with South Korea.
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