Cryptocurrency
The trend of cryptocurrency in India has now spread from big cities to Tier-2 and Tier-3 cities. Crypto has emerged as a new economic hope in towns like Jaipur, Coimbatore, Dibrugarh. About half of the crypto trade in the country now comes from these small cities, where more than 40% increase is being registered every year. Between limited access to capital markets in small cities, weak banking facilities and unstable income, students, housewives and small traders are looking at Crypto as an opportunity. Most people are starting with small investment like Rs 10,000.
Crypto discussion in cities like Patna, Surat, Indore has reached tea shops and markets. Seven in India’s top ten crypto-active cities are no longer metro, but Tier-2 cities. Digital habits have promoted this change after cheap smartphones, broad access to internet and epidemic. Young looks as an opportunity to be a part of the global financial world. Record enrollment is being done in Crypto Training Institutions in cities like Nagpur. Local apps, YouTube videos and friends in other languages have made Crypto simplified for the common people, which has made India a leading country to adopt crypto in the world.
Number of women investors increased
Women are also not behind in this revolution. There has been a ten -fold increase in the number of women investors from places like Uttar Pradesh, Rajasthan, which considers Crypto a source of economic freedom. However, the risks are also not low. Fraud is increasing due to lack of reliable information in small cities. There have been cases of fake apps and scams in cities like Lucknow, Surat, Jaipur. The lack of regulation makes this problem more serious. The government should implement clear rules and simple tax system by forming a committee of Finance Ministry, Reserve Bank and experts. This crypto wave of small cities is a new economic thinking, but it can turn into a crisis without regulation.