Crypto Trading Booms in India's Smaller Cities as Job Growth and Incomes Disappoint
The cumulative trading volumes of bitcoin, ethereum, dogecoin, and other cryptocurrencies on four of its largest exchanges have more than doubled quarter-on-quarter to $1.9 billion in the October-December quarter, driven by smaller cities. Many young Indians are dabbling in crypto trading to supplement their regular income due to stagnant job growth and pay increases. The Indian crypto market is expected to grow to over $15 billion in 2035 at a compound annual growth rate of 18.5%.
- As the younger generation seeks alternative sources of income, it will be intriguing to see how this trend affects the overall economic landscape of India and its social safety net.
- Will governments in smaller cities across India follow suit and establish their own cryptocurrency regulations, potentially leading to a patchwork of laws across the country?