- Young Indian investors, especially those under 35, prefer investing in cryptocurrencies like bitcoin rather than traditional assets like stocks and gold, seeing crypto as more exciting and high-risk/high-return. - Crypto trading and investment has boomed in India in recent years, with an estimated 20 million crypto investors, driven by growing internet access and interest from smaller cities and towns. - The Indian government has taken an unclear stance on crypto regulation, announcing a 30% tax but also saying crypto is not legal, leaving the industry wanting for clear rules.

1. Members of the group
M Rizki Juliansyah
Sopiyudin
Rifaldi Nanda Nugraha
Young Indian Investor Prefer Bitcoin To Gold
And Stocks Are “Boring” He Says

2. First News
Indian businesswoman Swati Daga first bought bitcoin in 2017, when
the cryptocurrency was trading well under $3,000. Her decision to
invest in digital currencies was met with wariness by her family, she
recalls."The elders in my family told me not to throw my money
away," said Daga, who runs a food business near New Delhi.But the
33-year-old hasn't regretted her decision — bitcoin's value has
increased 15 times since then — and she continues to invest as much
as 10% of her savings in cryptocurrencies, including bitcoin and
ethereum."I find stock markets boring," she told CNN Business,
adding that she enjoys the "thrill" and "recklessness" that comes with
investing in volatile currencies. She is not the only one.

3. India has seen a huge boom in cryptocurrency trading since the start
of the pandemic, even though authorities in Asia's third largest
economy have for years expressed concerns about digital currencies,
and even flirted with banning them. Entrepreneurs in the industry
told CNN Business that the country has the potential to become a
crypto superpower, since it is one of the hottest internet markets in
the world, with 750 million users, and hundreds of millions more yet
to come online for the first time.India ranked second behind only
Vietnam last year in a list of countries seeing the fastest growth in
cryptocurrency adoption, according to a report published in October
by blockchain data platform Chainalysis.

4. While the government does not keep estimates of how many people trade
cryptocurrencies, industry experts have suggested that the country may now
have more than 20 million crypto investors.The growth is driven by younger
investors — mostly under the age of 35 — and many of them are coming from
smaller cities and towns, founders of two of India's biggest crypto exchanges told
CNN Business. According to Sumit Gupta, CEO and co-founder of exchange
CoinDCX, many Indian millennials have started "their investing journey with
crypto.“ While 20 years ago, their parents chose to invest in gold, these
youngsters "are more interested in having bitcoin as part of their portfolio,"
Gupta told CNN Business, referring to the fact that traditionally Indians chose to
park their money in gold or savings accounts. Buying gold is both an investment
and a cultural habit in India, which is one of the largest markets for the precious
metal, according to the World Gold Council. It also considered auspicious by
Hindus and Jains, and plays a fundamental role in many religious ceremonies.
Mumbai-based CoinDCX became India's first crypto unicorn last year, achieving a
valuation of $1.1 billion after raising money from investors such as Coinbase
Ventures and B Capital Group. The company says 70% of its 10 million users are
between the age of 18 and 34.

5. Data shared by rival firm WazirX tell a similar story. WazirX also has
over 10 million users, and called 2021 a "phenomenal year" for crypto
trading in India. The company was acquired by Binance, one of the
world's biggest cryptocurrency exchanges, in 2019.Over 65% of its
users are under the age of 35, according to a recent company report,
and it has seen a "700% increase in the number of participants from
smaller cities like Guwahati, Karnal, Bareilly, thereby signaling the
growing interest from rural and semi-urban areas."Pritish Kumawat, a
crypto trader from a small town in the western state of Rajasthan,
said that he now finds conversations about cryptocurrencies in almost
every tea shop in his area. Often, the most engaged participants are
college students, he said, adding that bitcoin's massive spike last year
has fueled the frenzy in India.

6. In November, bitcoin was trading at a record high of $68,990, but it
has since fallen to around $43,000. In addition to bitcoin, meme
currencies such as dogecoin and shiba inu are also popular among
Indians, the WazirX report added. Apart from investors from smaller
towns, both companies saw an increase of more than 1000% in the
number of women users on their platforms, albeit on a small base.
Gupta said that participation of crypto by Indian women has seen "a
massive upside" in the past 18 months and is "fairly high, fairly
healthy, relative to equity markets.“ The company's data shows that
15% of their overall users are women — which is the global trend as
well.

7. On-again, off-again relationship
The excitement over crypto is rising in India despite the country's on-
again, off-again relationship with digital currencies. The central bank
has long expressed concerns that cryptocurrencies can be used for
money laundering and to finance terrorism. A cryptically worded
proposal posted on the Indian parliament website last year even
suggested the government was exploring plans to "prohibit all private
cryptocurrencies in India. "This year, however, started on a more
cheerful note for enthusiasts. Earlier this month, the Indian
government announced it would impose a 30% tax on income from
virtual digital assets, which many industry experts took as a sign that
crypto trading won't be banned after all. The government also said it
would launch a digital rupee in the coming months.

8. "Taxation of virtual digital assets or crypto is a step in the right
direction. It gives much-needed clarity and confidence to the
industry," Gupta said at the time of the announcement. Siddharth
Menon, the co-founder of WazirX, told CNN Business that following
the announcement, his platform saw daily sign-ups jump by over
50%. He also noticed rising interest among Indian developers and
other professionals in joining the crypto industry. "I'm getting
LinkedIn messages" from senior executives in India, who are now
more optimistic about the business, he said. In the past, Indian
exchanges have struggled to hire and retain experienced people due
to the lack of clear regulations.

9. But the Indian government soon put a damper on the mood, by
clarifying that the cryptocurrencies are not yet legal in the country. "I
am not doing anything to legalize it or ban it or not legalize it,"
Finance Minister Nirmala Sitharaman said in parliament a few days
after announcing the tax rate. "Banning or not banning will come
subsequently ... But I will tax because it is a sovereign right."I think
the government is not entirely sure what it wants to do from a policy
perspective," said Anirudh Rastogi, founder of tech law firm Ikigaw
Law, which works with crypto exchanges in India.

10. "It knows where it wants to land broadly. It wants to find the right
balance where it is not disconnected from the global progress in
blockchain and other tech, but it wants to also address concerns
regarding cryptocurrency. "Rastogi added that the "extraordinarily
high" tax on crypto is a short-term fix, which will also acts as a
deterrent to many investors. "This rate is typically used to tax
activities that are not considered economically productive, such as
lottery," he said. "So this could be an indication that the government
wants to make revenue, but it does not see crypto trading as
economically productive. "For equities, India applies a 15% short-
term capital gains tax if shares are sold in less than a year, and 10% if
sold after a year. Gupta hopes that the government makes up its mind
soon. India, with its vast pool of developers and enthusiastic young
population, could be a "superpower in the next five to 10 years," in
cryptocurrency and blockchain industry, he said."What is missing
right now is a clear regulatory framework," he added.

11. Any Question?