In recent years, India has seen more and more young people invest in cryptocurrencies, despite their lack of regulation and volatility. While some investors have been tempted to put their money into cryptocurrencies due to the potential of high returns, many others have taken to cryptocurrencies due to well-designed apps. The ever-growing adoption of blockchain technology is also one of the drivers of cryptocurrency investments in the country.
Most investors know that it’s quite unlikely for cryptocurrencies to be legalized in India as payment means. However, that isn’t stopping them from investing in something that they perceive as technology from the future. The only concern for young crypto investors in India is the uncertainty of the government’s stance on cryptocurrencies. That’s why the majority of investors are putting in money they can lose without much financial strain.
India is also home to numerous cryptocurrency exchanges such as WazirX, CoinDCX, BuyUCoin, and Unocoin. These exchanges offer both websites and apps to users and have incredibly simple user interfaces, which makes it easy for users to understand the crypto market. This has further encouraged tech-savvy youngsters to take a bet on cryptocurrencies.
However, there are certain things that crypto investors in India should be wary of. It’s quite likely that the government will table a bill in Parliament in the near future that will do away with private cryptocurrencies. The bill is also slated to set in motion the process of creating the Reserve Bank of India’s Central Bank Digital Currency (CBDC). Recently, the crypto exchanges in the country have also drawn a lot of flak for evading taxes.