Indian teens are actively investing in cryptocurrencies The unstable financial situation, the policy of the Indian authorities and the coronavirus prompted teenagers to invest in cryptocurrencies.
Investments by teenagers are spurring the rise in popularity of cryptocurrencies across India. In May 2021, investments reached $6.6 billion (Rs. 49,189 crores). Last year the amount was $923 million. The guys are attracted by information about high returns on investments, and risk assessment for them remains secondary.
Hashir Hussain, a 17-year-old student from Calcutta, said: “As an investor, I think cryptocurrencies are a good way to exponentially increase your wealth. High volatility is a risk factor, but profitability is its big plus.”
Potential investors in India have a wide range of platforms to choose from: WazirX, CoinDCX, and CoinSwitch Kube have launched social media campaigns aimed at young audiences and created apps with user-friendly interfaces. Employees of the platforms are actively helping investors on Twitter. And it’s happening against the backdrop of lobbying for the benefits of blockchain technology. Many guys bypass the laws of the country, because officially cryptocurrency exchanges do not allow investing under 18 years old.
Obviously, the most attractive thing about investing is the returns. For example, WazirX lets you invest in cryptocurrencies from as little as Rs. 100-500 ($1.4-$6.8). In recent months, it has brought investors returns of up to 30%. Hashir Hussain said he had already moved his investments to Binance because he saw better conditions there.
The pandemic was the main factor that influenced the growth of investments. However, the position of the Indian authorities remains unclear. Last year, the ban on trading in digital assets was lifted. In 2018, the Reserve Bank of India (RBI) banned the processing of all cryptocurrency transactions from individuals and companies. So far, India’s parliament is only at the stage of drafting their laws to regulate the market. The government’s main argument is that the cryptocurrency boom is setting the stage for fraud.