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 selling and the buying of over 80 cryptocurrencies.
Fifty active dealers in India participated. The goal of the survey was to learn what they consider various crypto-related issues including their investment concerns, the crypto banking prohibit from the Reserve Bank of India (RBI), and if they will keep investing in crypto despite regulatory uncertainty.
Among the 50 dealers who responded, 43 said that they hodl while seven revealed that they invest short-term and bitcoin casino bonus codes 2019.
40 traders consider while 10 traders disagree, bitcoin is a safe haven against rupee inflation.
Crypto Investing Despite RBI Ban
India is currently drafting but have been delayed. Meanwhile, the nation’s central bank, RBI, has prohibited institutions under its jurisdictionCafé bitcoincasinoreview.net 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 adversely impacted by the banking ban from the central bank. Zebpay, one of the country crypto trading platforms , recently closed down its exchange operations on account of the banking issue.
Regardless of the ban, 32 Instashift traders stated that they would continue to invest in crypto even when the RBI intensifies its crackdown like 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 government will amend current laws to accommodate cryptocurrencies. Ten respondents believe that the regulators will remove restrictions on cryptoBitcoin Casino Finder https://bitcoincasinoreview.info/ However, only four dealers believe 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. Some have introduced exchange-escrowed peer-to-peer trading solutions, which they claim have gained popularity.
Respondents were asked about their preferred methods of cashing cryptocurrencies out . Traders said they prefer to cash out using peer-to-peer websites. Five traders prefer to use local cash deals, four prefer using gift cards and 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 method. The business has established crypto ATMs permit 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.
As for 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 started listing stablecoins such as tether (USDT) and trueusd (TUSD).
Future Prospects of Crypto Ecosystem in India
Amid the banking prohibit, 35 respondents believe that the fear of regulatory uncertainty is the biggest barrier from flourishing stopping the crypto economy. Twenty-six traders believe that the absence of banking support is the biggest challenge. Twenty-five traders place the lack of comprehension of the crypto sector as the most significant factor, while 18 traders attributed the shortage of liquidity in the marketplace as the top reason.
Despite the hurdles, 41 traders stated that they are investors and will continue to invest in crypto. Seventeen traders confessed although they are apprehensive but expect the government to create a positive atmosphere for cryptocurrencies. Four respondents are entertaining the idea of exiting the space .
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
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