octubre 5, 2017 | Posted in:Blog
Most Respondents Are Hodlers
A survey was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for news.Bitcoin.com. Instashift delivers the selling and buying of over 80 cryptocurrencies.
Fifty active dealers in India participated. The goal of the survey was to learn what they consider different crypto-related issues including their investment concerns, the crypto banking prohibit 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 stated that they hodl while seven disclosed 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 crypto regulations that were supposed to be ready in September but have been delayed. Meanwhile, the central bank of the country, RBI, has prohibited institutions under its jurisdictioncloudbet rating A number of petitions have been filed against the ban. The country’s supreme court was trying to hear them since Sept. 11, but the hearing has always been postponed.
Some exchanges have been impacted by the banking ban by the central bank. Zebpay, one of the biggest crypto trading platforms of the country closed down its exchange operations.
Regardless of the ban, 32 Instashift traders stated that they would continue to invest in crypto when the RBI intensifies its crackdown like crypto accounts that were freezing. Another 12 traders noticed that they are likely to continue trading while six respondents said they would discontinue crypto trading.
Moreover, 36 traders believe that the Indian government will amend existing laws to accommodate cryptocurrencies. Ten respondents think that the regulators will remove restrictionsonline casino mit bitcoin bezahlen best casino bitcoin bonus However, only four traders 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 to the RBI ban. 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 sites. Five traders prefer to use local cash deals, four prefer using online deals and gift cards, and four others prefer to cash out using prepaid crypto Visa and Mastercard services.
On Sunday, another method was introduced by one of India’s largest crypto exchanges. The business has established crypto ATMs allow its users to deposit and withdraw rupees and to bypass the RBI ban. This option was declared after the Instashift poll had reasoned, so it was not included in the survey.
In terms of where to keep their funds, 24 traders prefer to keep them 14 prefer altcoins, and 12 especially prefer stablecoins. 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 ban, 35 respondents feel that the fear of uncertainty is the biggest hurdle stopping the crypto market. Traders believe that the absence of banking support is the biggest challenge. Twenty-five traders put the lack of comprehension of the crypto sector as the most important factor, while 18 traders attributed the shortage of liquidity in the market as the reason.
Despite the hurdles, 41 traders stated that they are investors and will continue to invest in crypto. Seventeen traders confessed that they’re apprehensive but expect the government to create a positive environment for cryptocurrencies. Four respondents are entertaining the concept of leaving the space that is crypto altogether.
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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