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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 delivers the buying and selling of 80 cryptocurrencies.
Fifty active traders in India participated. The goal of the survey was to learn what they consider various crypto-related issues including their investment issues, the crypto banking prohibit by the Reserve Bank of India (RBI), and whether they will keep investing in crypto despite regulatory uncertainty.
One of 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 consider while 10 traders disagree bitcoin is a haven against inflation that is rupee.
Crypto Investing Despite RBI Ban
India is currently drafting crypto regulations which were supposed to be ready in September but have been postponed. RBI, the central bank of the country, has banned financial institutions under its jurisdictionstart an online bitcoin casino bitcoin casino with free spins 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 impacted some exchanges. One of the country’s biggest crypto trading platforms, Zebpay, recently shut 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 if the RBI intensifies its crackdown like crypto accounts that were freezing. Another 12 traders noticed that they are also likely to continue trading while six respondents said they would discontinue crypto trading.
Moreover, 36 traders believe that the government will amend current laws to accommodate cryptocurrencies. Ten respondents think that the regulators will eliminate restrictions on cryptoOshi bitcoincasinoreview.net Only four traders think that crypto controlled and will be legalized in India.
Preferred Cash-Out Methods
Numerous crypto exchanges in India have come up with their own solutions. Some have introduced trading solutions, which they claim have gained much popularity.
Respondents were asked about their preferred methods of cashing out cryptocurrencies to rupees. Traders said they prefer to cash out using peer-to-peer sites. Five dealers prefer to use money deals, four prefer to use gift cards and online deals, and four others prefer to cash out using Mastercard services and crypto Visa.
On Sunday, one of India crypto exchanges, Unocoin introduced another cash-out method. The company has launched crypto ATMs permit its users to deposit and withdraw rupees and to bypass the RBI ban. This option was declared after the Instashift poll had concluded, so it wasn’t included in the survey.
In terms of where to keep their funds, 24 traders prefer to keep them in BTC, altcoins is preferred by 14, and 12 prefer stablecoins. Recently, an increasing number of crypto exchanges in India have begun 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 hurdle from flourishing, stopping the Indian crypto market. Traders think 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 market as the top reason.
Despite all the hurdles, 41 traders will continue to invest in crypto and stated that they are long-term investors. Seventeen traders confessed although they are worried but expect the government to create a positive environment for cryptocurrencies. However, four respondents are entertaining the concept of leaving the space .
What do you think of the current crypto environment in India? Tell us in the comments section below.
Images courtesy of Shutterstock and Instashift.
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