Younger Indians Turn to Cryptocurrency Trading Amid Employment and Salary Difficulties: Reuters

An increasing number of younger Indians are engaging in cryptocurrency trading to supplement their income in light of stagnant job growth and slow wage increases.

One such individual is Ashish Nagose, a 28-year-old flower shop owner in Nagpur, who participates in daily crypto trading classes to broaden his income sources, according to a report by Reuters.

Previously involved in stock options trading, Nagose transitioned to cryptocurrency as India’s stricter regulations made equity derivatives trading more challenging.

“Trading can provide a steady income during slow business periods, such as after the Diwali festival,” he told the media outlet.

India’s Crypto Trading Volumes Double to $1.9B in Late 2024

This growing interest has significantly increased trading volumes.

Total trades in cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin on India’s four largest exchanges rose to $1.9 billion in the last quarter of 2024, the report indicated.

Experts attribute this increase to both market optimism—driven by former U.S. President Donald Trump’s supportive stance on cryptocurrency—and a rising interest in smaller Indian cities.

“There’s a lot of excitement at the grassroots level, especially with global shifts in crypto sentiment,” remarked Edul Patel, co-founder of the Indian exchange Mudrex.

According to CoinSwitch, seven of the top ten Indian cities contributing to crypto activity in 2024 were non-metro areas such as Jaipur, Lucknow, and Pune.

Watch: Young Indians turn to crypto trading as jobs, earnings lag behind global growth
Newfound crypto enthusiasts in India have significantly increased trading volumes of Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies on four of its largest exchanges… pic.twitter.com/FJHnSOTBTb

— Forbes India (@ForbesIndia) February 25, 2025

Projections from Grant Thornton Bharat suggest that India’s crypto market could expand from $2.5 billion in 2024 to over $15 billion by 2035, with an annual growth rate of 18.5%.

Despite the optimism, Indian authorities remain cautious.

In its December 2024 Financial Stability Report, the RBI warned that widespread cryptocurrency usage could pose risks to financial stability.

Nevertheless, these warnings have not dissuaded young Indians like Sagar Neware, a 25-year-old mechanical engineer.

“My dream is to revive my father’s business with trading profits,” said Neware, who earns 25,000 rupees ($288) at a local transport office but spends his evenings attending crypto trading classes.

Educational institutions like Ideas Magic Trading Academy in Nagpur are capitalizing on this trend. Instructor Yash Jaiswal claims to have trained 1,500 students over two years. A poster in his classroom states, “You’re only one trade away from your dream life.”

India’s Stance on Crypto Remains Ambiguous

India’s position on cryptocurrencies has been notably unclear.

The implementation of stringent crypto taxes in 2022 and the downturn in the crypto market led Indian traders to switch to international exchanges, adversely affecting the local crypto industry.

However, trading volumes returned to Indian exchanges following the ban on offshore entities.

India also prioritized achieving global consensus on crypto policy frameworks as part of its G20 presidency in 2023.

The country successfully secured agreement from all G20 members on international guidelines.

Nonetheless, India continues to face challenges with rigid crypto tax regulations.

During the announcement of the fiscal year 2024-2025 budget, Finance Minister Nirmala Sitharaman upheld the contentious crypto tax rules.

Despite extensive lobbying from the cryptocurrency sector, which provided significant evidence advocating for a reduction in the tax-deducted-at-source (TDS) rate from 1% to 0.01%, the existing regulations remain unchanged.

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