Data from the report by crypto exchange KuCoin revealed that in the second quarter of 2022, 54% of Indian investors plan to invest more in crypto over the next six months. However, this rate is lower than the figure in the previous quarter's survey. Last quarter, 63% of respondents said so.
According to the report, 29% of respondents to the survey conducted in the second quarter of 2022 said they would keep their existing crypto holdings, while 12% said they plan to sell some and only 5% said they would like to sell all of them.
KuCoin says in its report:
“As of June 2022, there are approximately 115 million crypto investors in India who own crypto or buy and sell crypto in the last six months, making up 15% of the Indian population aged 18 to 60.”
According to the report, 10% of Indian adults are crypto-savvy consumers who aim to invest in crypto within the next six months.
Young people predominate among crypto investors in India, with 39% of them under the age of 30. According to the KuCoin report, young Indian crypto investors believe that crypto is more of a long-term investment, and around 26% of these investors plan to start a business using their crypto earnings.
In its report, KuCoin stated that India's crypto market will reach $241 million by 2030 and that the recent financial decisions taken by the Indian authorities are not expected to hinder its growth.
“Despite regulatory uncertainty and extreme volatility, young Indian investors prefer to buy crypto over gold. In April 2022, the Indian government imposed a 30% tax on income from virtual digital assets, and many industry experts took this as a sign that crypto trading will not be banned. The government He also said that he will launch the digital rupee in the coming months, which will provide a huge boost to the digital economy."
It should be noted that the 30% tax on cryptocurrency earnings is higher than the 0% to 15% tax the country imposes on stock trading. The government's approach to crypto is one of the main reasons that deters potential investors, with 33% saying government regulations are a concern when considering investing in cryptocurrencies.