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Most Respondents Are Hodlers
A poll was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Instashift offers the selling and buying of 80 cryptocurrencies.
Fifty traders in India participated. The objective of the survey was to find out what they think about various 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 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 safe haven against rupee inflation.
Crypto Investing Despite RBI Ban
India is currently drafting but have been postponed. Meanwhile, the country’s central bank, RBI, has banned financial institutions under its jurisdiction from providing services Several petitions have been filed against the ban. The country’s supreme court has been 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. One of the biggest crypto trading platforms of the country, Zebpay , recently shut down its exchange operations.
Regardless of the ban, 32 Instashift traders said 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 noted while six respondents said they would discontinue crypto trading that they are likely to continue trading.
In addition, 36 traders feel that the Indian government will amend existing legislation to accommodate cryptocurrencies. Ten respondents think that the regulators will eliminate restrictionsa href=”https://bitcoincasinoreview.info/777coin-casino-review”>777coin casino no deposit bonus codes However, 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. Some have introduced trading services, 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 money deals that are local, four prefer to use gift cards and online bargains, and four others prefer to cash out using Mastercard services and prepaid crypto Visa.
On Sunday, one of the biggest crypto exchanges of India, Unocoin introduced another cash-out method. The company 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 reasoned, so it was not included in the poll.
In terms of where to keep their funds, 24 traders prefer to keep them 14 and 12 prefer altcoins and stablecoins, respectively. 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 uncertainty is the biggest barrier stopping the Indian crypto economy from flourishing. Twenty-six traders believe that the lack of banking support is the biggest challenge. Twenty-five traders place the lack of understanding of the crypto industry as the most significant factor, while 18 traders blamed the shortage of liquidity in the marketplace as the reason.
Despite the hurdles, 41 traders will continue to invest in crypto and said that they are long-term investors. Seventeen traders admitted that they are apprehensive but expect the government to finally create a positive environment for cryptocurrencies. However, four respondents are entertaining the concept of leaving 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.
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