Indian Cryptocurrency Investments Reach Rs 75,000 Crore | Photo credit: iStock images
Indians are investing in digital tokens more than ever, with cryptocurrency exchanges breaking many records both in terms of investors and money invested. Indian investment in cryptocurrencies has increased to over Rs 75,000 crore or $ 10 billion from $ 923 million in April of last year with a market at an all time high, according to research firm CREBACO and cryptographic intelligence.
It states that over 105 million people or 7.90% of India’s population are invested in some kind of digital token. This is due to increased awareness, experts say. People are more aware of how the centralized financial system works and once they know how flawed it is, they have no choice but to move on to decentralization, according to Siddharth Sogani, founder of CREBACO.
“For retail investors, there is not much to fear. For HNIs (high net-worth investors) and institutional investors, there is a risk. In addition, for those who invest more than $ 250,000 above the Liberalized Payments System (LRS) limit, there are risks. “
Most cryptocurrency exchanges are experiencing an increase in the number of investors and the value of their assets. This is occurring amidst a host of new products such as systematic investment plans and stock exchange term deposit plans.
BuyUcoin saw a 600% increase in just one year and the value of assets held by them jumped 1000% to $ 250 million during the period.
“Positive bull cycles, global regulatory support, big influencers like Elon Musk, venture capital funding, investment awareness and education are the main reasons for the surge,” said Shivam Thakral, CEO of BuyUcoin at Economic Times.
“India must regulate crypto in order to maintain investor protection,” he warned.
Cryptocurrencies in India, like most other markets, are currently unregulated and there is a consensus among policymakers that they should be taxed.