New Delhi. The craze for cryptocurrencies is visible in India. At the same time, other cryptocurrencies including bitcoin are beginning to be seen as digital gold. This is the reason why cryptocurrencies are being heavily invested in India.
India’s investment in cryptocurrencies has increased from $200 million to $40 billion in a year. Richie Sood, 32, said that he has deposited more than one million rupees in cryptocurrencies by withdrawing money from gold. When bitcoin was at $50,000, I made some profit booking, invested in the fall.
1.5 crore traders
The number of people trading in cryptocurrencies in India is around 15 million. 23 million in the US and just 2.3 million in the UK. Most of the investors are in the age group of 18 to 35 years. Investing in crypto is being seen more than gold among investors under 34 years of age in India.
The decision of the Supreme Court accelerated
Experts say that investing in cryptocurrencies is quite easy. The biggest reason for the boom in crypto investment in the last one year is the Supreme Court’s decision, in which it overturned the decision of the Reserve Bank and lifted the ban on crypto trading. However, the Reserve Bank has not yet given legal recognition to this currency.
Banning the world’s largest exchange platform Binance for cryptocurrency trading, UK regulatory body FCA has said that Binance will not conduct any activity in the UK. The FCA has warned Britons to avoid such investments at all costs.