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 delivers selling and the buying of over 80 cryptocurrencies.
Fifty active dealers in India participated. The objective of the survey was to learn what they think about different crypto-related issues including their investment issues, the crypto banking ban from the Reserve Bank of India (RBI), and whether they will keep investing in crypto despite regulatory uncertainty.
One of the 50 dealers 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 inflation that is rupee.
Crypto Investing Despite RBI Ban
India is currently drafting crypto regulations that were supposed to be ready in September but have been delayed. Meanwhile, RBI has prohibited institutions under its jurisdictionbitcasino bitcoin casino A number of 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.
Some exchanges have been impacted by the banking ban from the central bank. Zebpay, Among the country’s largest crypto trading platforms 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 that were freezing. Another 12 traders noticed while six respondents said they would discontinue crypto trading that they are also likely to continue trading.
Moreover, 36 traders feel that the Indian government will amend existing laws to accommodate cryptocurrencies. Ten respondents think that the regulators will remove restrictions on cryptoTrueflip scam Only four traders 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. Trading services, which they claim have gained much popularity have been introduced by some.
Respondents were asked about their preferred methods of cashing out cryptocurrencies into rupees. Traders said they prefer to cash out using websites. Five traders prefer to use local money deals, four prefer using gift cards and deals, and four others prefer to cash out using prepaid crypto Visa and Mastercard services.
On Sunday, one of the largest crypto exchanges of India, Unocoin introduced another method. The company has launched crypto ATMs allow its users to deposit and withdraw rupees and to skip the RBI ban. This option was announced after the Instashift poll had reasoned, so it was not included in the poll.
14 prefer altcoins In terms of where to keep their funds, 24 traders prefer to keep them in BTC, and 12 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 feel that the fear of regulatory uncertainty is the biggest hurdle from flourishing stopping the Indian crypto market. Traders think that the absence of banking support is the biggest challenge. Twenty-five traders place the lack of understanding of the crypto sector as the most important factor, while 18 traders attributed the shortage of liquidity in the market as the top reason.
Despite all the hurdles, 41 traders stated that they are investors and will continue to invest in crypto. Seventeen traders admitted that they are worried but expect the government to finally create a positive atmosphere for cryptocurrencies. However, four respondents are entertaining the concept of exiting the space entirely.
What do you consider the current crypto environment in India? Tell us in the comments section below.
Images courtesy of Shutterstock and Instashift.
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Source: bitcoincasinoreview.info
