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 active dealers in India participated. The objective of the survey was to learn what they consider various crypto-related issues including their investment concerns, the crypto banking prohibit by the Reserve Bank of India (RBI), and whether they will keep investing in crypto despite regulatory uncertainty.
One of the 50 dealers who responded, 43 stated that they hodl while seven disclosed that they invest short-term and bitcoin casino bonus codes 2019.
40 traders consider bitcoin is a haven against rupee inflation while 10 traders disagree.
Crypto Investing Despite RBI Ban
India is presently drafting but have been delayed. RBI, the central bank of the country, has banned financial institutions under its jurisdiction from providing services to crypto companiesfree faucet btc casinos casino slots online free A number of 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.
The banking ban from the central bank has adversely impacted some exchanges. Zebpay, Among the largest crypto trading platforms of the country shut down its exchange operations due to the 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 crypto accounts. Another 12 traders noticed while six respondents said they would discontinue crypto trading that they are likely to continue trading.
Moreover, 36 traders believe that the Indian government will amend existing laws to accommodate cryptocurrencies. Ten respondents believe that the regulators will eliminate restrictions on cryptobetchain bitcoin casino However, only four dealers think that crypto will be legalized and controlled in India.
Preferred Cash-Out Methods
A number of crypto exchanges in India have come up with their own solutions. Exchange-escrowed peer-to-peer trading services, which they claim have gained much popularity have been introduced by some.
Respondents were asked about their preferred methods of cashing cryptocurrencies out . Traders said they prefer to cash out using peer-to-peer sites. Five traders prefer to use cash deals that are local, four prefer using deals and gift cards, and four others prefer to cash out using crypto Visa and Mastercard services.
On Sunday, one of India crypto exchanges, Unocoin introduced another method. The business has launched crypto ATMs to skip the RBI ban and allow its users to deposit and withdraw rupees. This option was announced after the Instashift survey had reasoned, so it was not included in the poll.
In terms of where to keep their funds, 24 traders prefer to keep them 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 prohibit, 35 respondents feel that the fear of regulatory uncertainty is the biggest barrier from flourishing stopping the crypto market. Twenty-six traders think that the lack 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 long-term investors and will continue to invest in crypto. Seventeen traders confessed although they are worried but expect the government to finally create a positive environment for cryptocurrencies. Four respondents are entertaining the concept of leaving the crypto space .
What do you think of the current crypto environment in India? Tell us in the comments section below.
Images courtesy of Shutterstock and Instashift.
Need to compute your bitcoin holdings? Check our tools section.