Crypto Trading: New Trend among Indian Youth

Last year, India was at the top of the list of countries adopting cryptocurrency. According to CoinGecko, the trading volume of Bitcoin, Ethereum, Dogecoin, and others doubled to $1.9 billion in the October-December quarter.

Crypto trading is getting extremely popular in small cities of India, including Jaipur, Lucknow, and Pune. The youth desire to make more money through crypto trading. They're learning cryptocurrency trading by purchasing courses. Their trainers teach them about this risky and volatile market. According to Kush Wadhwa, a partner at accounting firm Grant Thornton India, India's cryptocurrency market could reach $15 billion by 2035.

Trumps Arrival: Good Sign for Crypto Market?

Donald Trump became the 47th president of the U.S. in January. After that, people became more interested in cryptocurrency. The prices of Bitcoin, Ethereum, and other digital currencies have skyrocketed. Recently, Trump introduced the Trump and Melania Meme Coin. It is expected that Trump will enforce basic restrictions for the crypto market.

Indian Government on Crypto

The Indian government imposed a high tax on cryptocurrency. It's not clear who will govern digital currency in India. The country charges a 30% tax on crypto trading income, making it one of the most difficult rules in the world. However, India has not entirely prohibited it, nor has it passed any new law.

According to the RBI's December 2024 Financial Stability Report, “The widespread use of crypto assets and stablecoins could pose a threat to economic stability.”

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