On CoinSwitch’s app, on average, people spend 27 minutes buying or selling crypto assets or learning about the crypto segment. Earlier this year, this figure was 13 minutes per user. About 60 percent of the total users of CoinSwitch Kuber are under the age of 28. Delhi, Mumbai, Kolkata, Pune, Lucknow and Patna have more users. Ashish Singhal, Founder and CEO of CoinSwitch Kuber, told Gadgets 360 that people are taking interest in the crypto segment even in small towns of the country. He said, “In America Bitcoin ETF The recent developments in the industry, including the listing of cryptocurrencies, have fueled enthusiasm for cryptocurrencies and are increasing the number of people investing in it in India as well as across the globe.” Singhal said that in view of the expansion of this segment, there is a need for cryptocurrencies. There is also a need to increase awareness in the country.
The central government had earlier planned to introduce the crypto bill in the winter session of Parliament but it was postponed. The bill has not yet been approved by the cabinet. Its draft includes deciding which cryptocurrencies will be allowed and which can be banned in the country. “The industry hopes that a regulatory framework in place will help clear the confusion surrounding investing in crypto,” Singhal said.
CoinSwitch has also claimed in its report that its transaction volume has grown by about 3,500 percent. In addition to Bitcoin, Ether, Dogecoin and Polygon are among the most traded cryptocurrencies on its platform.
The crypto segment is also being tightened in many countries including China. China imposed restrictions on bitcoin mining a few months ago. El Salvador is the first country to give legal status to bitcoin. There is a possibility of making a regulator soon in the US regarding cryptocurrencies.