Despite being a minority among crypto investors, just like anywhere else, women in India actually spend on cryptocurrency twice more than men do. A newly released survey also found that the majority of Indian crypto users live in big cities like Delhi, Mumbai, and Bangalore. The study comes out while Indians expect new regulations within weeks.
Men Still a Majority Among Investors, Women Spend More
Unsurprisingly, female crypto investors are a firm minority in India, and pretty much anywhere else on the planet. However, what sets Indian women apart from many other, beauty aside, is their willingness to spend more on cryptocurrency than their husbands and boyfriends.
According to a survey carried out by crypto exchange Buyucoin, female traders in India spend more than Rs.140,000 on average (>$2,000 USD), whereas men invest half of that, around Rs.70,000, Crypto News reported. The authors of the survey arrived to these numbers after examining trading data for the country’s largest cities, where the majority of cryptocurrency users are concentrated.
The research covers over 60,000 participants and has been conducted by Buyucoin between the months of May and June, this year. The trading platform’s chief executive and co-founder, Shivam Thakral, commented:“We wanted to conduct a detailed study to ascertain new policies and strategies that will drive this industry ahead. We acquired some interesting facts such as the service sector is taking exceptional interest in trading of cryptocurrency, and females, in particular, showed great potential in leading this industry forward.”
The published data reveals that New Delhi (National Capital Region) is the area with the most active cryptocurrency users, 22.03 percent of the total. The city also has the largest share of female crypto investors – 8.8 percent, while men are 91.2 percent. Mumbai, the financial capital of India, takes the second position with 14.42 percent active users, 93.4 percent of which are male and 6.6 percent are female. Bangalore is in third place with 13.91 percent, men are 93.2 percent and women account for 6.8 percent.
They are followed by Hyderabad – 9.6%, Pune – 8.09%, Chennai – 5.94%, and Ahmedabad – 3.81% of active users. Kolkata is at the bottom of the table with only 3.23 percent of all users, 95.8 percent of which are men and 4.2 percent women. The 8 cities covered account for three quarters of all cryptocurrency investments in the report.
Another interesting finding is related to the age at which most Indians enter the cryptocurrency world. For male investors that’s 30 years, and for women – around 40. “Usually, woman investors who are buying or trading are over 40 years of age. Typically these are mature investors who are able to put in more money,” Buyucoin CEO, Shivam Thakral, explained for Quartz. “On the other hand, more men start investing at an early age with the average age for this group being 30,” he noted.
New Regulations Expected Within Weeks
The findings come at a time when the Indian crypto community expects authorities to present a comprehensive regulatory framework for the sector. The head of the government-appointed committee tasked to propose new regulations recently said that these will be ready in the first fortnight of July, as news.Bitcoin.com reported.
So far, authorities in Delhi have mostly demonstrated negative attitude towards cryptocurrencies with the finance minister declaring they are not to be regarded as legal tender in the country and the central bank restricting financial institutions from providing services to crypto businesses and users.
The ban imposed by the Reserve Bank of India is scheduled to come into force on July 5. A number of local crypto companies have filed petitions against the measure. According to the latest reports, the Supreme Court will hear some of them on July 3, right before the deadline set by the RBI for commercial banks to comply with its directive.