India's cryptocurrency user base has grown 17 times in one year! Men prefer meme coins, while women favor Bitcoin.

India's largest cryptocurrency exchange, WazirX, saw a 17-fold increase in trading volume in 2021. Despite the unclear stance and regulatory policies towards cryptocurrencies by Indian authorities, the use of cryptocurrencies is booming nationwide in both urban and rural areas.

According to a report by Coindesk, WazirX released a latest report on the 16th, showing that its trading volume in just one year of 2021 exceeded $43 billion, a 1,735% increase from 2020.

Based in Mumbai, WazirX is a subsidiary of the world's largest cryptocurrency exchange Binance. The report titled "Highlights and Observations of the Crypto Year 2021" stated that many small cities, including Guwahati in the northeastern state of Assam, Karnal, one of India's 20 cleanest northern cities, and Bareilly in Uttar Pradesh, saw a registration increase of over 700%, proving that "more and more small towns and rural areas in India are adopting cryptocurrencies."

Among them, Bitcoin remains the largest traded cryptocurrency, followed by Tether, Dogecoin, Shiba Inu, as well as the exchange token WRX and Polygon's MATIC.

Retail investors in India tend to invest in relatively cheaper and more volatile cryptocurrencies like Dogecoin and Shiba Inu, where small investments can yield higher profits, a trend also observed in inflation-hit Turkey. Before the Indian festival of lights in November, retail investors doubled down on these cryptocurrencies.

The report pointed out that in more volatile meme coins, men dominate, while female investors mainly focus on Bitcoin. The number of new female users grew by 1,009%, surpassing the 829% growth of new male registered users, reflecting not only a shift in the demographics of those entering the cryptocurrency market but also the increasing popularity of cryptocurrencies among the younger generation.

The report highlighted a significant increase in user registrations on WazirX, surpassing 10 million users.

"Only 11% of respondents aged 51 and above indicated that they had allocated over 50% of their total investment portfolio to cryptocurrencies, while 29% of respondents aged 18 to 24 did so. 66% of WazirX users are under 35 years old."

According to WazirX's analysis, during the COVID-19 pandemic, which brought about a lot of uncertainty, cryptocurrencies not only provided a new way for ordinary people to make money online but also helped middle and lower-income individuals cope with the epidemic.

Although cryptocurrencies are thriving across India, local media reports suggest that it is unlikely for cryptocurrency-related bills to be deliberated during this year's parliamentary session. The Reserve Bank of India still opposes cryptocurrencies, with RBI Governor Shaktikanta Das recently stating that even without digital currencies, the decade-old blockchain technology can thrive.

However, WazirX believes that the government will move towards regulation rather than prohibition. Nischal Shetty, CEO of WazirX, stated that the regulatory approach to cryptocurrencies in India will help the country to be on par with developed nations and pave the way for India's future in crypto assets, making it "self-reliant India" (Atmanirbhar Bharat Abhiyaan).

The "self-reliant India" initiative was proposed by Prime Minister Modi on May 12, 2020, as a new vision for India, announcing a special economic and comprehensive plan with an investment of 2 billion rupees to combat the Indian epidemic. Its goal is to make the country and its citizens independent and self-reliant. "Self-reliant India" includes five pillars: economy, infrastructure, systems, vibrant population, and demand.

This article is authorized to be reprinted from Horizon News Network