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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 Instashift offers the buying and selling of 80 cryptocurrencies.

Fifty active traders in India participated. The objective of the survey was to learn what they think about various crypto-related issues including their investment issues, the crypto banking prohibit from the Reserve Bank of India (RBI), and whether they will keep investing in crypto despite regulatory uncertainty.

Among the 50 dealers who responded, 43 said that they hodl while seven revealed that they invest short-term and bitcoin casino bonus codes 2019.

40 traders consider while 10 traders disagree, bitcoin is a safe haven against rupee inflation.

Crypto Investing Despite RBI Ban

India is presently drafting but have been postponed. Meanwhile, RBI, the central bank of the country, has prohibited financial institutions under its jurisdiction5 dimes casino bitcoin bitcoin casino promo codes 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 always 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 if the RBI intensifies its crackdown like crypto accounts. Another 12 traders noticed that they are likely to continue trading while six respondents said they would discontinue crypto trading.

In addition, 36 traders believe that the government will amend existing laws to accommodate cryptocurrencies. Ten respondents think that the regulators will remove restrictions on cryptoZigZag777 Casino site Only four traders think 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 popularity.

Respondents were asked about their preferred methods of cashing cryptocurrencies out to rupees.  Traders said they prefer to cash out using sites. Five dealers prefer to use cash deals that are local, four prefer using gift cards and deals, and four others prefer to cash out using Mastercard services and crypto Visa.

On Sunday, one of the biggest crypto exchanges of India, Unocoin introduced another method. The business has established crypto ATMs to bypass the RBI ban and allow its users to deposit and withdraw rupees. This option was declared after the Instashift poll had concluded, 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 specifically prefer stablecoins. Recently, a growing 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 uncertainty is the biggest hurdle stopping the crypto market. Twenty-six traders think that the lack of banking support is the biggest challenge. Twenty-five traders place the lack of comprehension of the crypto sector as the most significant factor, while 18 traders blamed the shortage of liquidity in the market as the top reason.

Despite the hurdles, 41 traders said that they are investors and will continue to invest in crypto. Seventeen traders confessed although they’re apprehensive but expect the government to finally create a positive atmosphere for cryptocurrencies. However, four respondents are entertaining the idea of exiting the space that is crypto .

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

Pictures courtesy of Shutterstock and Instashift.

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