Crypto trading is booming in India’s smaller cities as young traders seek financial stability amid slow job growth and regulatory hurdles.
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| Crypto trading gains momentum in India's smaller cities as young traders seek alternative incomes amid economic uncertainty. Image: ChicHue |
Nagpur, India — February 25, 2025:
Crypto trading is experiencing a surge in India’s smaller cities as young traders look for alternative income sources amid sluggish job growth and regulatory restrictions on stock derivatives.
In Nagpur, flower shop owner Ashish Nagose has been attending crypto trading classes for two months, hoping to supplement his family business during slow periods. “Trading can provide a steady income when sales drop, like after Diwali,” he said, surrounded by roses and marigolds at his shop.
This growing interest has doubled crypto trading volumes on four major Indian exchanges, reaching $1.9 billion in the last quarter of 2024, according to CoinGecko. Analysts say young investors, particularly in cities like Jaipur, Lucknow, and Pune, are driving this shift.
“Retail traders are fueling crypto’s rise, just as they have in the stock market,” said Balaji Srihari, Vice President of CoinSwitch, which has 20 million users.
The surge comes despite India’s 30% tax on crypto gains and repeated warnings from regulators about volatility and risks. However, for traders like 25-year-old Sagar Neware, crypto represents an opportunity. “My father’s business shut down years ago. My goal is to restart it with the money I make from trading,” said Neware, who earns ₹25,000 ($288) a month working at a transport office.
In Nagpur, the Thoughts Magic Trading Academy has trained about 1,500 people in two years. “You’re just one trade away from your dream life,” reads a poster in its classroom.
India’s stance on crypto regulation remains unclear. While the central bank warns of economic risks, the government has neither banned trading nor integrated it into securities regulations.
As crypto gains traction in India’s non-metro cities, regulators face growing pressure to clarify their policies, while young traders bet on digital assets to transform their financial futures.
Source: With input from agency