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Indian investors preferred crypto investment to gold

Şükriye Akdeniz

Sep 13, 2021

Trade-in digital assets rose to $6.6 billion in May, compared to $923 million in April 2020, according to Chainalysis India data

With the upcoming festival season in India, different crypto exchange platforms aim to attract investors to crypto money with crypto money gifts. By raising awareness, they plan to direct Indians to Bitcoin instead of their traditional choice of gold during the festival.
Leading Indian crypto exchanges like CoinDCX, WazirX, and Unocoin are promoting cryptocurrencies as gift vouchers.
Sathvik Vishwanath, the co-founder of Unocoin, spoke about the cryptocurrency:
“Bitcoin and voucher may be an interesting option for users to consider as more awareness activity is expected across the industry.”
Also, the executives of CoinDCX described this move as their initiative to raise more awareness and share knowledge about crypto.
In addition to these, uncertainty regarding the regulations in crypto remains in India. The uncertainty stems from the delay in implementing crypto legislation. As the festival approaches, Indians already familiar with crypto have already invested over $1 billion in nearly 7 million cryptocurrencies. This means that the Indian government needs to step up its efforts to develop the crypto industry.

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