Nearly 10 per cent of Indian women own crypto: Exploring the trend

Nearly 10 per cent of women in India own cryptocurrency, which ranks third among all countries, according to a study. Data from the foreign exchange education portal Forex Suggest revealsthat there are63 million female cryptocurrency owners in India, accounting for 9.2 per cent of the female population of around 685 million.

When looking at what the figures indicate in India, blockchain and emerging tech evangelist Sharat Chandra said, “There are several aspects including the propensity to explore new assets. Most educated women are seeking independence in employment. Financial literacy, their general awareness and their tendency to explore new asset classes is on the rise.”

Vietnam topsthe list with 12 million female cryptocurrency owners, or 24 per cent of the female population. With 47 per cent female cryptocurrency owners, Vietnam hasthe most even gender distribution. Philippines comes second with 9.6 per cent, representing over 5.5 million female cryptocurrency owners.

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Kenya and Colombia are tied forthird place, with women making up 42 per cent of all cryptocurrency owners in both nations. India comesin eighth, with male and female crypto ownership at 60 per cent and 40 per cent, respectively.

According to the study, “This is a difference of just six percentage points, showing that female access to digital currencies is being supported by the local culture.”

Blockchain advisor Kamlesh Nagware differsfrom the study, saying that women investing in crypto is not a question of being supported by the local culture but has more to do with the “hype” surrounding it. “People are seeking opportunities, educated ladies especially, want to begin and set up their own new ventures.”

According to Chandra, in the Indian context, developer groups, both national and international are empowering and supporting women in this domain. He said that platforms like The Pheonix Guild have assisted in increasing awareness about digital and block work investments among women. “Not-for-profit orgnaisations and other established ones like Google are also working in the background to make women more employable,” he said.

Chandra said that there is more noise and less substance when it comes to talking about investment risks, adding that information asymmetry has been influencing investment decisions, as there are limited neutral voices but more biased content.

The lack of regulatory oversight, no definitive laws for protection and the lack of credible sources or ‘self proclaimed experts,’ pose additional threats for making crypto investments.

Nagware, on the other hand, said, “Understanding the regulatory culture, the laws involved and the security concerns about money laundering is essential. Grasping the technology involved and educating oneself about the domain are equally important.” He further discouragesinvestors from making decisions based on inputs from crypto influencers.

Despite these setbacks, Chandra said that increasing asset tokenisation which in turn improves asset liquidity and the opening up of other asset classes are some of the positives women get to explore while investing in crypto.

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