In India, crypto culture appears to be gaining traction, with young men and women adopting it at an increasing rate. In its most recent analysis, Indian cryptocurrency exchanges CoinSwitch Kuber estimated that 15 percent of its 14 million Indian users are female. The results come amid while India is still determining how to control and perhaps tax crypto-related activity including transaction revenue. According to CoinSwitch Kuber’s research, the majority of its customers in India are teenagers.
Participants spent an average of 27 minutes mostly on the CoinSwitch app buying and selling digital currencies. The average amount of time per user was 13 minutes at the start of this year.
Nearly half of CoinSwitch Kuber’s overall user community has been under the range of 28, with the majority of them residing in Indian metropolitan cities like Delhi, Mumbai, Kolkata, Pune, Lucknow, and Patna. In an interview, Ashish Singhal, the Founder, and Chief executive of CoinSwitch Kuber, claimed that now the cryptocurrency culture has spread to India’s smaller places. In an interview, Ashish Singhal, the Founder, and Chief executive of CoinSwitch Kuber, claimed that the cryptocurrency trend has spread to India’s smaller places.
“Recent market events, such as the filing of a Bitcoin ETF in the United States, have heightened interest in cryptocurrency mainstreaming and will continue to drive crypto acceptance internationally as well as in India.” Consumers’ involvement in India’s category two to three marketplaces is growing, according to Singhal. Following the increase of this industry, he went on to say that the crypto awareness drive should be stepped up in all regions of The country.
CoinSwitch reportedly stated in its study that trading volumes increased by 3,500 cents, while Bitcoin, Dogecoin, Ether, as well as Polygon appeared as the most traded assets.
A cryptocurrency law, which was not used in the Winter Semester of Parliamentary committees deliberation, will be with the Government, currently being reviewed. The proposal calls for legislation to define which digital currencies are permitted to operate in India which are not.
“The sector is optimistic that a government regulation would help dispel myths about cryptocurrency property investment and inspire many Indians to become involved in the space.” “Administrative certainty will aid in the standardisation and regularisation of best practises throughout the blockchain business,” Singhal noted.
According to the latest research by Bank of America (BofA), industries backed and based on cryptocurrencies have seen massive worldwide growth, making the market “too enormous to disregard.”
Multinational corporations in the cryptocurrency field have indeed increased, according to the BofA’s report, from $940 million (approximately Rs. 7,025 crores) in 2020 to $4.2 billion (about Rs. 31,390 crores) throughout 2021.
In 2021, cryptocurrency-related businesses raised and over $30 billion (approximately Rs. 2,27,617 crore), setting a new record. Why then are females stronger at investing in cryptocurrency than males?
Females are superior cryptocurrency entrepreneurs for two reasons.
To begin with, females were depositors: as shown in a survey conducted by Fidelity Investments, females preserve 8.3% of overall earnings (men save only 7.9 percent of their income). Females with much more money should broaden their purchases into high-yield commodities such as cryptocurrency.
Secondly, women are better entrepreneurs than males. Women are more likely to assess risks in practically every situation and reduce those as much as feasible. Female entrepreneurs assess risks before investing in an asset class, according to the Merrill Lynch study. As a result, female entrepreneurs might have been more methodical when making financial decisions. Their own caution encourages them toward making the right option while purchasing in a risky market like cryptocurrency.