A new report published today by local newspaper Mint suggests that more young Indians are trading Bitcoin (BTC).
According to data collated from the two most popular cryptocurrency exchanges in the country, WazirX and CoinDCX, Indians between the ages of 25 and 40 are trading up to $26 million worth of BTC daily on these platforms.
Per the report, the number of Indians that have signed up on WazirX has increased to a staggering 125% in the last six months, the period where the country’s apex bank lifted the Reserve Bank of India (RBI) ban on cryptocurrency trading.
Not only did the number of new sign-ups soared on WazirX, but the exchange also stated that it has been recording $19-26 million daily trading volumes, with Indians accounting for at least 89% of these transactions.
On the other hand, CoinDCX stated that it recorded an increase of 75% in its number of sign-ups in the last quarter.
CoinDCX added the number of sign-ups recorded during this period commensurates with its daily trading volume of $20-25 million, with 75% of the total amount coming from Indian investors.
Nischal Shetty, founder, and CEO of WazirX, said that the latest BTC bull run has further elaborated the asset’s potential, which has “pushed” more investors into the country’s crypto space.
Shetty added that WazirX recorded a stunning 52% increase in trade order between November 29 and 30, while the exchange’s overall trading volume also rose by 27%.
India’s Approach to Reignite Crypto Interest
Indian regulators have been hostile to cryptocurrency trading from 2018 till early 2020. In 2018, the RBI issued a circular to exchanges to shut down operations or move their businesses to other countries that support crypto trading.
This caused interest in cryptocurrencies in the country to decrease significantly. However, thanks to the Indian Supreme Court verdict in March this year that ruled in favor of digital currency trading.
The verdict’s aftermath rejuvenated the country’s digital currency industry, with more investors adopting cryptocurrencies, especially bitcoin, as a hedge against the nation’s economy’s poor state.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!