Although cryptocurrencies are legal to exchange and hold in India, they are not recognized as legal seats – which means that they can be purchased or sold, but not used for daily transactions.
Edul Patel, co-founder and CEO of Mudrex, another cryptographic platform, notes that 15% of its users are in the age group from 18 to 24 years old, with 32% from 25 to 34 years.
“These investors are generally warned and diversify their portfolios with a crypto. About 60% of our users are metropolitan cities, and 40% of cities at level 2 and 3. About 8% are based in Kerala, “he said.
Platforms like Giottus, Coindcx, Mudrex and Coinwitch are currently active in India. However, regulatory gaps expose investors to a high risk.
Last July, Wazirx – a great exchange of crypto – was hacked, causing losses of around $ 230 million (around 2,000 roots).
Abin Jose Tom, CEO of Webandcrafts, based in Koratty Infopark, was one of the people affected. “Many people jump into crypto without adequate knowledge,” he said, revealing that he had lost about Rs 1.8 crosses because he could not get out of his participations after the hacking of Wazirx.
“At the time, Wazirx was considered a superior platform,” he said. Its investments included more recent tokens like Aitk, Ren and Cardano – many of which now have zero value.
Despite these risk factors, Edul of Mudrex thinks that crypto is there to stay. “With Trump’s pro-Crypto position, we can see formal regulations worldwide. India has also made progress with clear tax structures in place. Its pressure for global cryptography regulations during the G20 summit reflects a serious commitment,” he said.
