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 offers selling and the buying 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 concerns, the crypto banking ban by the Reserve Bank of India (RBI), and if they will continue investing in crypto despite regulatory uncertainty.
Among 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 believe while 10 traders disagree bitcoin is a safe haven against inflation that is rupee.
Crypto Investing Despite RBI Ban
India is presently drafting crypto regulations which were supposed to be ready in September but have been delayed. Meanwhile, the central bank of the country, RBI, has prohibited financial institutions under its jurisdictionBitcoin Lottery casino A number of petitions have been filed against the ban. The country’s supreme court was trying to listen to them since Sept. 11, but the hearing has always been postponed.
Some exchanges have been negatively affected by the banking ban from the central bank. Among the country’s biggest crypto trading platforms, Zebpayclosed down its exchange operations.
Despite the ban, 32 Instashift traders said that they would continue to invest in crypto even if the RBI intensifies its crackdown like 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 government will amend current legislation to accommodate cryptocurrencies. Ten respondents think that the regulators will remove restrictions on cryptoEthereum Sweepstakes site Only four dealers believe that crypto will be legalized and controlled in India.
Preferred Cash-Out Methods
Numerous crypto exchanges in India have come up with their own solutions. Some have introduced trading solutions, which they claim have gained much popularity.
Respondents were asked about their preferred methods of cashing out cryptocurrencies . Forty-eight traders said they prefer to cash out using sites. Five traders prefer to use cash deals that are local, four prefer to use online deals and gift cards, and four others prefer to cash out using prepaid crypto Visa and Mastercard services.
On Sunday, one of India’s largest crypto exchanges introduced another method. The company has launched crypto ATMs to skip the RBI ban and permit its users to deposit and withdraw rupees. This option was announced after the Instashift survey had concluded, so it wasn’t included in the survey.
14 prefer altcoins as for where to keep their funds, 24 traders prefer to keep them in BTC, and 12 especially prefer stablecoins. Recently, a growing number of crypto exchanges in India have started 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 stopping the crypto market from flourishing. Twenty-six traders think that the absence of banking support is the biggest challenge. Twenty-five traders place the lack of understanding of the crypto sector as the most important factor, while 18 traders attributed the lack of liquidity in the market as the top reason.
Despite the hurdles, 41 traders will continue to invest in crypto and said that they are long-term investors. Seventeen traders confessed although they are worried but expect the government to eventually create a positive environment for cryptocurrencies. Four respondents are entertaining the idea of leaving the crypto space .
What do you think of the current crypto environment in India? Tell us in the comments section below.
Pictures courtesy of Shutterstock and Instashift.
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