Most Respondents Are Hodlers
A survey was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Instashift delivers the selling and buying of 80 cryptocurrencies.
Fifty traders in India participated. The objective of the survey was to find out 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.
Among the 50 dealers who responded, 43 said that they hodl while seven disclosed 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.
Crypto Investing Despite RBI Ban
India is presently drafting crypto regulations that were supposed to be ready in September but have been postponed. Meanwhile, the nation’s central bank, RBI, has prohibited institutions under its jurisdiction from providing services to crypto businessesorg casino review uk casino rating and bonuses 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 always been postponed.
Some exchanges have been impacted by the banking ban from the central bank. One of the biggest crypto trading platforms of the country, Zebpay , recently shut down its exchange operations.
Regardless of the ban, 32 Instashift traders said that they would continue to invest in crypto even if the RBI intensifies its crackdown such as crypto accounts that were freezing. Another 12 traders noticed that they are 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 crypto7bit bitcoin casino However, only four traders believe that crypto regulated and will be legalized in India.
Preferred Cash-Out Methods
Numerous crypto exchanges in India have come up with their own solutions to the RBI ban. Trading services, which they claim have gained much popularity have been introduced by some.
Respondents were asked about their preferred methods of cashing out cryptocurrencies . Traders said they prefer to cash out using sites. Five dealers prefer to use money deals that are local, four prefer to use deals and gift cards, and four others prefer to cash out using prepaid crypto Visa and Mastercard services.
On Sunday, one of the biggest crypto exchanges of India, Unocoin introduced another cash-out method. The company has launched crypto ATMs allow its users to deposit and withdraw rupees and to bypass the RBI ban. This option was announced after the Instashift survey had concluded, so it wasn’t included in the poll.
In terms of where to keep their funds, 24 traders prefer to keep them in BTC, altcoins is preferred by 14, 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 ban, 35 respondents believe that the fear of uncertainty is the biggest barrier from flourishing stopping the Indian crypto market. Traders think that the lack of banking support is the biggest challenge. Twenty-five traders put the lack of understanding of the crypto industry as the most significant factor, while 18 traders attributed the shortage of liquidity in the marketplace as the reason.
Despite all the hurdles, 41 traders will continue to invest in crypto and said that they are investors. Seventeen traders confessed that they are apprehensive but expect the government to create a positive environment for cryptocurrencies. Four respondents are entertaining the idea of leaving the crypto space .
What do you consider the current crypto environment in India? Tell us in the comments section below.
Pictures courtesy of Shutterstock and Instashift.
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