ryptocurrency exchanges in India have been hit with taxes and a drop in trading volumes and prices. However, one bright sign for these companies is that the number of women seeking financial independence has increased as they turn to digital assets instead.
Though the number of Indian women investing in digital currencies is small, their percentage increased over time.
Among them is Nisha Mutneja. The 30-year-old ran her own educational metaverse for children called talentedHippo and began investing in cryptocurrency in small amounts in 2019.
CoinDCX stated that women are on track to account for 20% of its users by August next year, up from around 14% now. According to the company, its platform has 13 million users.
"It is a democratized asset class that promotes financial inclusion, and the growing participation of women is a beneficial and encouraging development," Rajagopal Menon, vice president of WazirX, India's biggest exchange by trading volume.
Menon said that WazirX has 10 million users, and 15% of them are women. Adding the number grew in 2021 as educational awareness about it expands among India's population- which will likely continue this year too.
The exchanges require all the assistance they can get. From April 1, the government imposed a flat 30% tax on all crypto income. From July 1, a 1% tax will be deducted at the source on all cryptocurrency transactions exceeding 10,000 Indian rupees (US$125).
Cryptocurrency prices are struggling to stay afloat in the face of macroeconomic factors. These include higher interest rates and inflation in the U.S., while China’s Covid-19 lockdowns have disrupted supply chains worldwide, causing many problems for economic growth alike.
Menon described WazirX's female members as "creators, builders, and influencers," adding that the majority are from urban areas such as Maharashtra, Karnataka, Tamil Nadu, and Delhi. He explained that they typically take a long-term approach and invest in known tokens such as Bitcoin and Ethereum.
Many of the women investing in digital assets work in the industry or in Internet-related jobs, but the message about it is spreading through friends and family connections, according to numerous women interviewed.
"After researching Bitcoin, I realized this is an entirely new monetary system," she explained. In 2020, she says that Verma invested about 20% of her money in Bitcoin and 80% in stocks, but those percentages have now flipped.
She believes that a bear market is not the time to make money but rather to put revolutionary ideas into action. "Diversification is good, but I believe crypto has the potential to outperform any other asset class in terms of future returns."
Women are making strides in the digital world. Minal Thukral, executive vice president of growth and strategy at CoinDCX, says that many women investing is due to their professional involvement, but there's also an increase in personal finance, which fuels this trend too.
According to Ashish Singhal, co-founder and CEO of the CoinSwitch exchange, those who are digitally savvy, regardless of whether men or women are willing to explore this modern technology.
Ishita Pandey, 20, manages social media and advertising for crypto and Web3.0 projects and primarily invests in stablecoins and altcoins.
"People who believed in that industry founded their businesses, and we now cannot imagine life without the internet. The same is true for Web3 and cryptocurrency, which are still in their early stages. Mass adoption of this asset class may be possible in 10 or 15 years," she said.
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