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Most Respondents Are Hodlers

A survey was conducted in the first week of October by Indian cryptocurrency exchange Instashift exclusively for Launched in March, Instashift delivers the selling and buying of 80 cryptocurrencies.

Fifty dealers in India participated. The goal of the survey was to learn what they consider various crypto-related issues including their investment concerns, the crypto banking ban 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 said that they hodl while seven disclosed that they invest short-term and bitcoin casino bonus codes 2019.

40 traders believe while 10 traders disagree bitcoin is a safe haven against inflation that is rupee.

Crypto Investing Despite RBI Ban

India is presently drafting crypto regulations that were supposed to be ready in September but have been postponed. Meanwhile, RBI, the central bank of the country, has prohibited institutions under its jurisdiction from providing services to crypto companiesbitstarz site Several petitions have been filed against the ban. The country’s supreme court was trying to hear them since Sept. 11, but the hearing has continually been postponed.

Some exchanges have been impacted by the banking ban from the central bank. One of the country’s biggest crypto trading platforms, Zebpayshut 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 laws to accommodate cryptocurrencies. Ten respondents think that the regulators will remove restrictions on cryptobitcoin for ignition casino bitcoin casino no deposit bonus 2016 However, only four traders believe that crypto will be legalized and controlled in India.

Preferred Cash-Out Methods

Numerous crypto exchanges in India have come up with their own solutions to the RBI ban. Some have introduced trading solutions, which they claim have gained much popularity.

Respondents were asked about their preferred methods of cashing out cryptocurrencies . Forty-eight traders said they prefer to cash out using peer-to-peer sites. Five traders prefer to use local money deals, four prefer using gift cards and bargains, and four others prefer to cash out using Mastercard services and crypto Visa.

On Sunday, another cash-out method was introduced by one of India’s biggest crypto exchanges. The business has launched crypto ATMs to bypass the RBI ban and allow its users to deposit and withdraw rupees. This option was declared after the Instashift survey had reasoned, so it was not included in the poll.

As for where to keep their funds, 24 traders prefer to keep them in BTC, 14 favor altcoins, 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 believe that the fear of regulatory uncertainty is the biggest hurdle stopping the Indian crypto economy from flourishing. Twenty-six traders think 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 blamed the shortage of liquidity in the market as the reason.

Despite all the hurdles, 41 traders stated that they are long-term investors and will continue to invest in crypto. Seventeen traders admitted although they are apprehensive but expect the government to eventually create a positive atmosphere for cryptocurrencies. Four respondents are entertaining the concept of leaving the space .

What do you think of the current crypto environment in India? Let us know in the comments section below.

Images courtesy of Shutterstock and Instashift.

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