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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 buying and selling of 80 cryptocurrencies.
Fifty active dealers in India participated. The goal of the survey was to find out what they consider different crypto-related issues including their investment concerns, the crypto banking ban from the Reserve Bank of India (RBI), and whether they will continue investing in crypto despite regulatory uncertainty.
Among the 50 traders who responded, 43 stated that they hodl while seven revealed 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 currently drafting crypto regulations that were supposed to be ready in September but have been delayed. Meanwhile, the nation’s central bank, RBI, has banned financial institutions under its jurisdiction from providing services to crypto businessesbitcoin casino bonuses mama bitcoin casino slots showcase apk Several petitions have been filed against the ban. The country’s supreme court has been trying to hear them since Sept. 11, but the hearing has continually been postponed.
Some exchanges have been adversely impacted by the banking ban by the central bank. Among the largest crypto trading platforms of the country, Zebpay closed down its exchange operations due to the banking issue.
Despite the ban, 32 Instashift traders stated that they would continue to invest in crypto if the RBI intensifies its crackdown such as crypto accounts that were freezing. Another 12 traders noted while six respondents said they would discontinue crypto trading that they are also likely to continue trading.
In addition, 36 traders feel that the government will amend current legislation to accommodate cryptocurrencies. Ten respondents think that the regulators will eliminate restrictionsbitcoin white label casino bitcoin casino bonus codes 2019 Only four traders 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 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 to rupees. Forty-eight traders said they prefer to cash out using peer-to-peer websites. Five traders prefer to use cash deals, four prefer to use online bargains and gift cards, and four others prefer to cash out using prepaid crypto Visa and Mastercard services.
On Sunday, one of India’s largest crypto exchanges introduced another method. The business has launched crypto ATMs to bypass the RBI ban and allow its users to deposit and withdraw rupees. This option was declared after the Instashift survey had reasoned, so it wasn’t included in the poll.
In terms of where to keep their funds, 24 traders prefer to keep them 14 favor altcoins, 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 prohibit, 35 respondents feel that the fear of regulatory uncertainty is the biggest barrier stopping the Indian crypto economy. 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 blamed the shortage of liquidity in the market as the reason.
Despite the hurdles, 41 traders stated that they are investors and will continue to invest in crypto. Seventeen traders admitted that they’re apprehensive but expect the government to eventually create a positive atmosphere for cryptocurrencies. Four respondents are entertaining the idea of exiting the crypto space altogether.
What do you think of the current crypto environment in India? Let us know in the comments section below.
Pictures courtesy of Shutterstock and Instashift.
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Source: bitcoincasinoreview.net
