Cryptocurrency information about India
The daily average trading volumes of different cryptocurrencies rose as much as 500 percent in volumes during the period of March 2020 to February 2021.(2) Many are open to the idea of crypto as they explore alternative ways to store their wealth.
In 2020, Indian Bitcoin trades accounted for about US$60 million every day. CoinDCX reported that its platform sees US$20-25 million worth of trading daily and about 75% of which came from Indian investors. Experts expect the number of retail investors to grow even faster.(3)
Meanwhile, Indian workers, including software developers, content creators, and those who work with global firms, are reportedly choosing to get paid increasingly in cryptocurrency over traditional money due to the ease of transferring it across borders, and lower transaction costs compared to bank transfers.(4) The total volume of payments and transactions done in crypto has also increased by 30% in the last year.(5)
As of 2021, it is estimated that 80% of the crypto users in India are male. However, the amount of female users has increased by 300% from 2020 to 2021, signaling strong growth in interest and acceptance of crypto among the female users.(4)
According to WazirX and CoinDCX, 2 of the largest crypto exchanges in India, 70% of WazirX’s users are under 30 years of age, while most of CoinDCX’s users fall in the 25 to 40-year bracket.