A survey was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Instashift offers the selling and buying of over 80 cryptocurrencies.
Fifty active traders in India participated. The goal of the survey was to find out what they think about different 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.
One of the 50 traders who responded, 43 said that they hodl while seven disclosed that they invest short-term and bitcoin casino bonus codes 2019.
40 traders believe while 10 traders disagree, bitcoin is a haven against inflation that is rupee.
India is currently drafting but have been delayed. Meanwhile, the central bank of the country, RBI, has banned institutions under its jurisdiction777Coin rating Several 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 by the central bank. Zebpay, one of the biggest crypto trading platforms of the country closed down its exchange operations due to the issue.
Despite the ban, 32 Instashift traders said that they would continue to invest in crypto if the RBI intensifies its crackdown like crypto accounts that were freezing. Another 12 traders noted that they are likely to continue trading while six respondents said they would discontinue crypto trading.
Moreover, 36 traders believe that the government will amend existing laws to accommodate cryptocurrencies. Ten respondents believe that the regulators will remove restrictionsand casinos gt gt casino games on mobile Only four dealers think that crypto regulated and will be legalized in India.
A number of crypto exchanges in India have come up with their own solutions. Some have introduced exchange-escrowed peer-to-peer trading services, which they claim have gained much popularity.
Respondents were asked about their preferred methods of cashing cryptocurrencies out into rupees. Forty-eight traders said they prefer to cash out using websites. Five traders prefer to use money deals, four prefer to use gift cards and online deals, and four others prefer to cash out using Mastercard services and prepaid crypto Visa.
On Sunday, one of the largest crypto exchanges of India, Unocoin introduced another cash-out method. The company has established crypto ATMs allow its users to deposit and withdraw rupees and to skip the RBI ban. This option was declared after the Instashift poll had concluded, so it wasn’t included in the survey.
In terms of where to keep their funds, 24 traders prefer to keep them 14 and 12 favor altcoins and stablecoins, respectively. Recently, a growing number of crypto exchanges in India have begun listing stablecoins such as tether (USDT) and trueusd (TUSD).
Amid the banking prohibit, 35 respondents feel that the fear of regulatory uncertainty is the biggest hurdle from flourishing, stopping the Indian crypto market. Twenty-six traders believe that the lack of banking support is the biggest challenge. Twenty-five traders place the lack of understanding of the crypto industry as the most significant factor, while 18 traders blamed the lack of liquidity in the marketplace as the top reason.
Despite all the hurdles, 41 traders said that they are investors and will continue to invest in crypto. Seventeen traders confessed although they’re worried but expect the government to create a positive atmosphere for cryptocurrencies. However, four respondents are entertaining the concept of exiting the crypto space entirely.
What do you consider the current crypto environment in India? Let us know in the comments section below.
Pictures courtesy of Shutterstock and Instashift.
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