Cryptocurrency:  Cryptocurrency is being adopted very fast in India. Now small towns along with big metros have also joined this race. A report by Coinswitch has revealed that from Botad in Gujarat and Barbaka in Assam to Jalandhar, Kanchipuram, Patna and many other towns of India, most of the people aged 35 years or less are getting attracted towards crypto. Especially its use is increasing in the transactions of digital assets. 

Cryptocurrency adoption on the rise in India

CoinSwitch India Vice President Balaji Srihari told the Times of India, "The use of crypto currency was earlier limited to metros only, but now people have started adopting them in many small and big towns of the country. This shows that people are adopting them rapidly. " He further said, "More than two crore people use cryptocurrency in India. Most of them are under the age of 35. Investors have now started using digital currencies ranging from meme coins to layer-1 (bitcoin and ethereum) and DeFi tokens to buy digital assets. "

Despite the government's strictness, people are showing interest in crypto

Local investors are showing more interest in buying meme coins. Among them, SHIB has become the most trending currency. However, strictness is also being maintained regarding crypto currency in India, such as tax is being imposed on its use.

Despite this, Indians are competing in crypto exchanges. Currently, the government has imposed a tax of up to 30 percent on the income generated from crypto transactions, while 1 percent TDS is levied on transactions of more than Rs 50,000 annually. Discussions are also going on continuously to reduce crypto activities. 

Donald Trump a crypto supporter 

Recently, crypto enthusiasts around the world got a boost when its supporter Donald Trump himself was elected as the US President. Immediately after assuming office, Trump also gave the responsibility of handling the financial market regulator SEC to crypto supporter Paul Actins. Since then, the use of crypto in America has started increasing further.

So far in the year 2024, investing in bitcoin has given an incredible return of up to 144 percent. CoinSwitch co-founder Ashish Singhal also said in a conversation with the Times of India that at present it is considered bigger than silver in terms of market capitalization and about one-tenth of gold. He also said, "Trump's support to bitcoin is a positive development for the crypto sector."