Cryptocurrencies flying high in India despite tough regulations

Philippines, Vietnam and Indonesia also post strong takeup of digital money

20241003 crypt india

India imposes a 30% capital gains tax on digital assets, more than 2.5 times the levy on equities. (Source photos by Reuters and Gety Images)

SAYAN CHAKRABORTY, Nikkei staff writer

BENGALURU -- Ravi Handa was among thousands of investors who lost a combined $230 million in a cyberattack theft this summer on WazirX, a now-defunct Indian cryptocurrency exchange. Remarkably, it hasn't soured the 41-year-old's appetite for digital currencies.

"Cryptocurrencies are a 10-year bet for me," said Handa, who followed the sector for years before first investing in 2020 to diversify his assets. "The current value of my holding is about 2 million rupees ($23,800), and I will be very happy if it grows 10 times by then."

Sponsored Content

About Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.