Digital Coins Big Investment Hit In Small-town India?

From gold to crypto, it seems Indians are changing their investment preferences!

According to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis, India has ranked second, in a poll of nations that use cryptocurrency the most. Well, as per the largest cryptocurrency exchange by trading volume in India, WazirX, it has witnessed a massive 2,648 per cent growth in user signups from tier 2 and 3 cities in India. A few days ago, Finance Minister Nirmala Sitharaman said that the cryptocurrency bill is before the Union Cabinet and it is likely to take a decision soon.

Nischal Shetty, the CEO of WazirX, which already has already garnered 76 lakh users, said that they welcome the government's move on the bill and urged for rules and regulations to let digital coins reach more investors in the country, especially in smaller towns. It is to be noted that tier 2 and 3 cities have driven almost 55 per cent of total user signups on WazirX in 2021, overtaking tier 1 cities which demonstrated a signup growth of 2,375 per cent.

Moreover, there is higher participation from women from these regions who have contributed 65 per cent of the total signups from across India. If reports are to be believed, more than 1.5 crore Indians are currently holding over Rs 1,500 crore worth of crypto assets.