Most Respondents Are Hodlers
A poll was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Launched in March, Instashift offers the buying and selling of 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 continue investing in crypto despite regulatory uncertainty.
Among the 50 traders who responded, 43 stated that they hodl while seven disclosed that they invest short-term and bitcoin casino bonus codes 2019.
40 traders believe bitcoin is a safe haven against rupee inflation while 10 traders disagree.
Crypto Investing Despite RBI Ban
India is presently drafting but have been delayed. Meanwhile, the country’s central bank, RBI, has banned financial institutions under its jurisdictionZigZag777 Casino 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 impacted by the banking ban from the central bank. Zebpay, Among the largest crypto trading platforms of the country closed down its exchange operations.
Despite the ban, 32 Instashift traders said that they would continue to invest in crypto even if the RBI intensifies its crackdown like crypto accounts. 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 existing laws to accommodate cryptocurrencies. Ten respondents think that the regulators will remove restrictions on crypto777coin site However, only four dealers think that crypto controlled and will be legalized 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 cryptocurrencies out . Traders said they prefer to cash out using sites. Five traders prefer to use cash deals, four prefer to use deals and gift cards, and four others prefer to cash out using Mastercard services and crypto Visa.
On Sunday, one of India’s biggest crypto exchanges introduced another cash-out method. The business has established crypto ATMs to skip the RBI ban and permit its users to deposit and withdraw rupees. This option was announced after the Instashift poll had concluded, so it was not included in the poll.
As for where to keep their funds, 24 traders prefer to keep them in BTC, 14 favor altcoins, and 12 specifically 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 ban, 35 respondents believe that the fear of uncertainty is the biggest barrier from flourishing stopping the crypto market. Twenty-six traders believe that the lack of banking support is the biggest challenge. Twenty-five traders place the lack of comprehension of the crypto sector as the most important factor, while 18 traders blamed the shortage of liquidity in the marketplace as the top reason.
Despite the hurdles, 41 traders will continue to invest in crypto and said that they are investors. Seventeen traders admitted although they are apprehensive but expect the government to create a positive environment for cryptocurrencies. Four respondents are entertaining the idea of exiting the crypto space .
What do you think of the current crypto environment in India? Let us know in the comments section below.
Images courtesy of Shutterstock and Instashift.
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Source: bitcoincasinoreview.info
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