Most Respondents Are Hodlers
A survey was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Launched in March, Instashift delivers the buying and selling of 80 cryptocurrencies.
Fifty active traders in India participated. The goal of the survey was to learn what they think about various crypto-related issues including their investment issues, the crypto banking ban by the Reserve Bank of India (RBI), and if they will keep investing in crypto despite regulatory uncertainty.
One of the 50 dealers who responded, 43 stated that they hodl while seven revealed that they invest short-term and bitcoin casino bonus codes 2019.
Furthermore, 40 traders consider while 10 traders disagree, bitcoin is a safe haven against rupee inflation.
Crypto Investing Despite RBI Ban
India is currently drafting but have been postponed. Meanwhile, the central bank of the country, RBI, has banned institutions under its jurisdictionbitcoin casino instant deposi bitcoin casino online india A number of petitions have been filed against the ban. The country’s supreme court has been trying to hear them since Sept. 11, but the hearing has continually been postponed.
The banking ban from the central bank has impacted some exchanges. Zebpay, Among the biggest crypto trading platforms of the country closed down its exchange operations.
Despite the ban, 32 Instashift traders said that they would continue to invest in crypto even when the RBI intensifies its crackdown such as crypto accounts that were freezing. Another 12 traders noticed that they are also likely to continue trading while six respondents said they would discontinue crypto trading.
Moreover, 36 traders believe that the Indian government will amend current laws to accommodate cryptocurrencies. Ten respondents believe that the regulators will remove restrictions on cryptofree bonus no deposit bitcoin casino bitcoin live casino usa However, only four dealers believe that crypto controlled and will be legalized in India.
Preferred Cash-Out Methods
A number of crypto exchanges in India have come up with their own solutions to the RBI ban. Trading solutions, which they claim have gained popularity have been introduced by some.
Respondents were asked about their preferred methods of cashing cryptocurrencies out into rupees. Traders said they prefer to cash out using websites. Five traders prefer to use cash deals that are local, four prefer using online bargains and gift cards, and four others prefer to cash out using Mastercard services and prepaid crypto Visa.
On Sunday, one of the largest crypto exchanges of India, Unocoin introduced another cash-out method. The business has launched crypto ATMs allow its users to deposit and withdraw rupees and to skip the RBI ban. This option was declared after the Instashift survey had concluded, so it was not included in the poll.
In terms of where to keep their funds, 24 traders prefer to keep them in BTC, 14 favor altcoins, and 12 specifically prefer stablecoins. Recently, an increasing number of crypto exchanges in India have begun listing stablecoins such as tether (USDT) and trueusd (TUSD).
Future Prospects of Crypto Ecosystem in India
Amid the banking prohibit, 35 respondents feel that the fear of uncertainty is the biggest barrier from flourishing, stopping the crypto economy. Traders think that the absence of banking support is the biggest challenge. Twenty-five traders place the lack of understanding of the crypto industry as the most significant factor, while 18 traders blamed the shortage of liquidity in the marketplace as the top reason.
Despite all the hurdles, 41 traders will continue to invest in crypto and said that they are investors. Seventeen traders admitted that they are apprehensive but expect the government to eventually create a positive environment for cryptocurrencies. However, four respondents are entertaining the concept of exiting the crypto space .
What do you consider the current crypto environment in India? Tell us in the comments section below.
Images courtesy of Shutterstock and Instashift.
Have to calculate your bitcoin holdings? Check our tools department.