The cryptocurrency market in India is experiencing an exponential expansion. In the face of the worsening country’s Covid-19 crisis, cryptocurrency exchanges and crypto banks are recording increased trade volumes and new signups.
A survey conducted by Bit2Buzz found that 75% of the young population trades and holds cryptocurrency on Exchanges and NEO Banks in India. The Indian media agency surveyed crypto banks and exchanges on the demographics and trading behaviours on the country’s crypto industry. The firm stated that the objective of the study was to understand:
“Trading behaviours of Indians, women representations, and participation, the effect of covid-19 on Indian crypto blockchain entities, and how these crypto and blockchain companies are making waves in India.”
Increase in the Number of Women
Bit2Buzz focused the study mainly on the trading habits of Indian female crypto traders. The survey concentrated on women trading and trading cryptocurrencies. This follows a CoinMarketCap report that stated there was an increase in the number of women joining the cryptosphere. Their numbers had risen by 43.24% in Q1 2020.
The survey focused on leading crypto exchanges like Wazirx, Unocoin, Coindcx, Pocketbits, and Bitbns. Cashaa, Bank of Hodlers, and Oropocket. Majority of the respondents were youth aged between 18 and 35 who use these crypto platforms. Unocoin and Bank of Hodlers “witnessed heavy traffic from the middle-aged people aged between 35 and 50.
National Interest and Curiosity in Cryptocurrencies
Unicorn told the researchers that about 15% of their users were female while Bitbns and Pocketbits had 11% and 2% females respectively. The percentage of women users who frequent crypto banks is higher than those using crypt exchanges. Oropocket reported that they had 39% female users, Cashaa 30%, and Bank of Hodlers 5%. The report stated:
“The lockdown due to the Covid-19 pandemic meant that Indians spent more time at home, sustaining the national interest and curiosity in cryptocurrencies that was already high due to the favourable Supreme Court verdict. This gave Indians the chance to learn more about the benefits they could accrue with crypto, as well as to learn how to engage in the trading of crypto.”
Dillydallying On Cryptocurrency Regulation
There was a rumour a few weeks ago that the Indian government had plans to affect a sweeping ban on cryptocurrencies. However, most participants in the market think that the ban is not likely happen. There are indications already that India is likely to experience a significant surge in cryptocurrency adoption. The government seems to be dillydallying on the issue of cryptocurrency regulation. Meanwhile, the country’s central bank, The Reserve Bank of India maintains that cryptocurrencies are legal in India.