Young Indian investors rather put money in crypto than gold
Published On: Monday, June 28, 2021 | By: Team KnowMyStock
In India investments in crypto grew from about $200 million to nearly $40 billion in the past year, according to Chainalysis. That’s despite outright hostility toward the asset class from the central bank and a proposed trading ban. Indians now totaling more than 15 million are buying and selling digital coins. That’s catching up with the 23 million traders of these assets in the U.S. and compares with just 2.3 million in the U.K. The growth in India is coming from the 18-35-year-old cohort, says the co-founder of India’s first cryptocurrency exchange. Latest World Gold Council data indicated Indian adults under age 34 have less appetite for gold than older consumers.“They find it far easier to invest in crypto than gold because the process is very simple,” say experts.
One of the biggest barriers preventing wider adoption is the regulatory uncertainty. Last year, the Supreme Court quashed a 2018 rule banning crypto trading by banking entities, resulting in a trading surge.
However, authorities show no signs of embracing cryptocurrencies. The nation’s central bank RBI says it has “major concerns” about the asset class and six months ago the Indian government proposed a ban on trading in digital coins – though it has been silent on the topic since.
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