Most Respondents Are Hodlers
A survey was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Launched in March, Instashift delivers selling and the buying of over 80 cryptocurrencies.
Fifty dealers 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 revealed that they invest short-term and bitcoin casino bonus codes 2019.
Furthermore, 40 traders consider while 10 traders disagree, bitcoin is a haven against rupee inflation.
Crypto Investing Despite RBI Ban
India is currently drafting but have been delayed. Meanwhile, the central bank of the country, RBI, has prohibited financial institutions under its jurisdictionfortunejack bitcoin casino bonus code bitcoin casino no deposit bonus codes 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. Zebpay, Among the biggest crypto trading platforms of the country , recently closed down its exchange operations.
Regardless of the ban, 32 Instashift traders stated that they would continue to invest in crypto when the RBI intensifies its crackdown like crypto accounts that were freezing. 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 current laws to accommodate cryptocurrencies. Ten respondents believe that the regulators will remove restrictions on cryptoBitcoin casino beginners guide the best payout for bitcoin casino Only four traders believe that crypto regulated and will be legalized in India.
Preferred Cash-Out Methods
A number of crypto exchanges in India have come up with their own solutions. Trading solutions, which they claim have gained popularity have been introduced by some.
Respondents were asked about their preferred methods of cashing cryptocurrencies out to rupees. Forty-eight traders said they prefer to cash out using peer-to-peer sites. Five dealers prefer to use cash deals that are local, four prefer to use gift cards and deals, and four others prefer to cash out using crypto Visa and Mastercard services.
On Sunday, another cash-out method was introduced Unocoin, by one of India crypto exchanges. The business 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.
14 favor altcoins In terms of where to keep their funds, 24 traders prefer to keep them in BTC, and 12 especially 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 prohibit, 35 respondents feel that the fear of regulatory uncertainty is the biggest barrier from flourishing stopping the crypto economy. Traders believe 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 lack of liquidity in the market as the top reason.
Despite the hurdles, 41 traders will continue to invest in crypto and stated that they are investors. Seventeen traders confessed that they are apprehensive but expect the government to create a positive environment for cryptocurrencies. However, four respondents are entertaining the concept of exiting the crypto space .
What do you think of the current crypto environment in India? Tell us in the comments section below.
Pictures courtesy of Shutterstock and Instashift.
Need to calculate your bitcoin holdings? Check our tools section.
Source: bitcoincasinoreview.net
