The latest data from Mumbai-based crypto exchange WazirX shows that the number of user registrations from small towns in India has increased by 2648% to date.
The uncertainty of regulation in India has not affected investors' attitudes toward cryptocurrency, as recent data from crypto-exchanges suggest a growing influx of users.
Indian crypto exchange WazirX, owned by Binance, reported a 2648% increase in user registrations from smaller cities across India, also known as Tier II and Tier III cities, which can host up to 100,000 residents. The Mumbai-based exchange reported:
"Tier II and Tier III cities accounted for nearly 55% of total user registrations on WazirX in 2021."
The data also points to an increase in female investors and enthusiasts across the country.