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.
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