by Cindy Huynh
According to a survey conducted by Indian cryptocurrency exchange BuyUCoin, Indian female cryptocurrency investors on average, are investing twice as much as their male counterparts.
Women Leading the Pack
Although the cryptocurrency industry is heavily dominated by men, the BuyUCoin survey found that Indian women typically invest over $2,000 on cryptocurrencies, twice what men usually invest. The survey was conducted in 2018 between March and June 2018 with over 60,000 participants.
“Usually, women investors who are buying or trading are over 40 years of age,” said Shivam Thakral, BuyUcoin’s CEO as he spoke to Quartz. “Therefore, typically these mature investors can put in more money. Alternatively, more men start investing at an early age with the average age for this investor group being 30.”
The survey, however, found that most cryptocurrency investors in India were males with less than 10 percent being female from major cities. Delhi NCR reported the highest number of female investors in relation to male investors at 8.8 percent with Chennai coming in second at 7.5 percent.
Approximately 75 percent of cryptocurrency investments took place in India’s major cities like New Delhi and the National Capital Region, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Ahmedabad, and Kolkata. The survey noted professionals with a decent salary were attracted by the nature and lure of cryptocurrencies.
India’s Central Bank remains Strict on Cryptocurrency
Quartz reported that in the last few months, India’s Central Bank has become increasingly tough on the cryptocurrency industry. The Reserve Bank of India (RBI) in April told all lenders to close down the bank accounts of cryptocurrency exchanges and their users within three months.
The bank mentioned in a statement that, “in view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies].”
Due to the RBI’s tough regulations, numbers of active cryptocurrency traders has fallen significantly. In Delhi NCR, only 22.09 percent are active traders. These statistics are even lower in cities like Mumbai, Bangaluru, Hyderabad. In Kolkata, only 3.23 percent are actively trading.
Indian cryptocurrency exchanges, however, remain hopeful that the situation will change. Some exchanges have, however, taken legal action and filed against the RBI’s ban. The case against the RBI is set for hearing on July 3, 2018, a few days before the RBI order comes into effect.
Subhash Chandra Garg, the secretary in the department of economic affairs, mentioned to television news channel ET Now that they are currently finalizing the draft regulation concerning cryptocurrencies. “We have prepared a draft (on virtual currencies) that entail what parts of these businesses should be banned and what should be preserved,” said Gard.” This should be discussed by the first week of July, and we should wrap this up within the first fortnight of July.”