The unstable financial situation, the policies of the Indian authorities and the coronavirus pushed teenagers to invest in cryptocurrencies.
Teen investment is driving the rise in popularity of cryptocurrencies across India. In May 2021, investments reached $ 6.6 billion (Rs 49,189). Last year the amount was $ 923 million. Children are attracted by the information about the high profitability of investments, and the assessment of risks for them remains secondary.
Hashir Hussain, a 17-year-old student from Kolkata, 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 choice of platforms: WazirX, CoinDCX, CoinSwitch Kube have launched social media campaigns targeting a young audience and created apps with user-friendly interfaces. Platform staff are actively helping investors on Twitter. And this is happening amid lobbying for the benefits of blockchain technology. Many guys bypass the laws of the country, because officially cryptocurrency exchanges do not allow investing until the age of 18.
Obviously, the most attractive investment is profitability. For example, WazirX allows you to invest in cryptocurrencies from only 100-500 rupees ($ 1.4— $ 6.8). In recent months, this has brought investors returns of up to 30%. Hashir Hussein said that he had already transferred his investments to Binance because he saw better conditions there.
The pandemic has become a major driver of investment growth. At the same time, the position of the Indian authorities remains unclear. The ban on trading digital assets was lifted last year. In 2018, the Reserve Bank of India (RBI) banned the processing of all cryptocurrency transactions from individuals and businesses. So far, the Indian parliament is only at the stage of developing laws regulating the market. The government’s main argument is that the boom in cryptocurrencies is setting the stage for fraud.
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.