Most Respondents Are Hodlers
A poll was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Launched in March, Instashift offers the buying and selling of 80 cryptocurrencies.
Fifty traders in India participated. The goal of the survey was to learn what they consider different crypto-related issues including their investment concerns, the crypto banking ban from the Reserve Bank of India (RBI), and if they will continue investing in crypto despite regulatory uncertainty.
Among the 50 traders who responded, 43 said that they hodl while seven revealed that they invest short-term and bitcoin casino bonus codes 2019.
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 but have been delayed. Meanwhile, the central bank of the country, RBI, has prohibited financial institutions under its jurisdiction from providing servicesBetChain rating Several petitions have been filed against the ban. The country’s supreme court was 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, one of the country crypto trading platforms closed down its exchange operations on account of the banking issue.
Regardless of the ban, 32 Instashift traders stated that they would continue to invest in crypto when the RBI intensifies its crackdown such as freezing crypto accounts. Another 12 traders noticed that they are likely to continue trading while six respondents said they would discontinue crypto trading.
In addition, 36 traders believe that the Indian government will amend existing legislation to accommodate cryptocurrencies. Ten respondents think that the regulators will eliminate restrictionsoshi scam However, only four dealers believe that crypto will be legalized and regulated in India.
Preferred Cash-Out Methods
Numerous crypto exchanges in India have come up with their own solutions. Trading services, which they claim have gained popularity have been introduced by some.
Respondents were asked about their preferred methods of cashing out cryptocurrencies . Forty-eight traders said they prefer to cash out using peer-to-peer websites. Five dealers prefer to use cash deals that are local, four prefer using gift cards and online bargains, and four others prefer to cash out using crypto Visa and Mastercard services.
On Sunday, another cash-out method was introduced Unocoin, by one of India crypto exchanges. The business has established crypto ATMs to skip the RBI ban and allow its users to deposit and withdraw rupees. This option was announced after the Instashift poll 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 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 ban, 35 respondents believe that the fear of regulatory uncertainty is the biggest barrier from flourishing, stopping the Indian crypto economy. Traders think that the lack of banking support is the biggest challenge. Twenty-five traders place the lack of comprehension of the crypto industry as the most significant 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 investors. Seventeen traders admitted that they are apprehensive but expect the government to finally create a positive atmosphere for cryptocurrencies. However, four respondents are entertaining the idea of exiting the space .
What do you consider the current crypto environment in India? Tell us in the comments section below.
Images courtesy of Shutterstock and Instashift.
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