Crypto Currency

Indians spending time on cryptocurrency double in a year, youngsters mostly

By Amit Srivastava

Twitter: s_amit007

While the government is mulling to regulate the digital currency in the country, people spending time on Cryptocurrency for buying, selling, or learning in India has doubled in a year. Interestingly, youngsters are spending more time and even making investments.

Indian crypto exchange CoinSwitch Kuber claimed that the average time spent by its users in India has doubled during the year. Now, users spend more time buying, selling, or learning digital currency than at the beginning of the year.

As per the report, CoinSwitch Kuber has around 1.4 crores (14 million) users in India, of which 15 percent are women, and the majority of them are youngsters.

Indian crypto exchange CoinSwitch Kuber also claimed that, on average, individuals in India spent around 27 minutes on the CoinSwitch app that was 13 minutes at the beginning of the year. There is a sharp increase of more than 100 percent.

Around 60 percent of users of CoinSwitch Kuber's total users-base are under the age of 28, and they are from Metro as well as tier two cities like Delhi, Mumbai, Kolkata, Pune, Lucknow, and Patna.

The crypto bill brought in the Winter Session of Parliament was left out, and it is currently with the Cabinet awaiting approval. The bill will decide which cryptocurrencies would continue to do business and which could not do.

The industry is hopeful that a regulatory framework will sort out the misconception about digital currency, and it will further encourage more Indians to look into an investment option.