Most Respondents Are Hodlers
A poll was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Instashift offers selling and the buying of 80 cryptocurrencies.
Fifty dealers 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 prohibit by the Reserve Bank of India (RBI), and if they will continue investing in crypto despite regulatory uncertainty.
One of 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 haven against inflation.
Crypto Investing Despite RBI Ban
India is currently drafting crypto regulations which were supposed to be ready in September but have been postponed. Meanwhile, the country’s central bank, RBI, has banned institutions under its jurisdictionhttps://casinobitcoins.io/bitcoin-casino-bonus/â best bitcoin casino free play 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 continually been postponed.
The banking ban by the central bank has adversely impacted some exchanges. Zebpay, one of the largest crypto trading platforms of the country , recently 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 like freezing crypto accounts. 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 legislation to accommodate cryptocurrencies. Ten respondents think that the regulators will eliminate restrictions on cryptobetcoin rating However, only four traders think that crypto will be legalized and regulated in India.
Preferred Cash-Out Methods
A number of crypto exchanges in India have come up with their own solutions to the RBI ban. Some have introduced trading services, which they claim have gained much popularity.
Respondents were asked about their preferred methods of cashing out cryptocurrencies into rupees. Forty-eight traders said they prefer to cash out using sites. Five traders prefer to use money deals that are local, four prefer using gift cards and online deals, and four others prefer to cash out using Mastercard services and prepaid crypto Visa.
On Sunday, one of the biggest crypto exchanges of India, Unocoin introduced another method. The company has established 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 was not included in the survey.
14 prefer altcoins as for where to keep their funds, 24 traders prefer to keep them in BTC, and 12 prefer stablecoins. Recently, an increasing 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 feel that the fear of regulatory uncertainty is the biggest hurdle from flourishing stopping the Indian crypto economy. 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 shortage of liquidity in the market as the top reason.
Despite the hurdles, 41 traders said that they are investors and will continue to invest in crypto. Seventeen traders admitted that they are worried but expect the government to finally create a positive atmosphere for cryptocurrencies. Four respondents are entertaining the idea of exiting the crypto space altogether.
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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