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 selling and buying of over 80 cryptocurrencies.
Fifty dealers in India participated. The objective of the survey was to find out what they think about different crypto-related issues including their investment issues, the crypto banking prohibit by the Reserve Bank of India (RBI), and whether they will continue investing in crypto despite regulatory uncertainty.
One of the 50 dealers who responded, 43 stated 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 inflation that is rupee.
Crypto Investing Despite RBI Ban
India is currently drafting but have been delayed. Meanwhile, the country’s central bank, RBI, has banned institutions under its jurisdiction from providing servicesTrusted bitcoinrush casino A number of 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 continually been postponed.
The banking ban by the central bank has adversely impacted some exchanges. Zebpay, Among the country crypto trading platforms , recently shut down its exchange operations on account of the banking problem.
Despite the ban, 32 Instashift traders stated that they would continue to invest in crypto even when the RBI intensifies its crackdown such as 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.
In addition, 36 traders believe that the Indian government will amend current laws to accommodate cryptocurrencies. Ten respondents believe that the regulators will remove restrictionsstrategy for bitcoin casino ignition casino bitcoin bonus Only four dealers 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 to the RBI ban. Exchange-escrowed peer-to-peer trading services, which they claim have gained popularity have been introduced by some.
Respondents were asked about their preferred methods of cashing cryptocurrencies out . Traders said they prefer to cash out using peer-to-peer websites. Five dealers prefer to use cash deals that are local, four prefer to use online deals and gift cards, and four others prefer to cash out using Mastercard services and 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 reasoned, so it wasn’t included in the poll.
In terms of where to keep their funds, 24 traders prefer to keep them in BTC, 14 and 12 prefer 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 hurdle from flourishing, stopping the crypto market. Traders believe that the lack of banking support is the biggest challenge. Twenty-five traders put the lack of understanding of the crypto industry as the most significant factor, while 18 traders attributed the shortage of liquidity in the market as the top reason.
Despite all the hurdles, 41 traders will continue to invest in crypto and said that they are long-term investors. Seventeen traders confessed that they’re apprehensive but expect the government to eventually create a positive environment for cryptocurrencies. Four respondents are entertaining the idea of exiting the space altogether.
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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Source: bitcoincasinoreview.info
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