India's Smaller Cities Drive $1.9B Crypto Boom Amid Economic Uncertainty

Cryptocurrency trading is surging in India's smaller cities, driven by young traders seeking alternative income sources amid tighter regulations on equity derivatives. Notably, the cumulative trading volumes of major cryptocurrencies have more than doubled to $1.9 billion in recent months, reflecting a significant shift towards digital assets. The growing accessibility of cryptocurrency exchanges, combined with a desire for financial inclusion, is attracting individuals from rural and semi-urban areas. Despite a 30% capital gains tax and uncertain regulatory frameworks, the market is projected to expand from $2.5 billion to over $15 billion by 2035. This shift is particularly evident among the youth, with many like flower shop owner Ashish Nagose turning to crypto for financial stability. The enthusiasm among young traders is reshaping India's crypto landscape, highlighting the need for careful balance between innovation and regulatory oversight.