Most Respondents Are Hodlers

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

Fifty traders 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 prohibit from the Reserve Bank of India (RBI), and if 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.

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

Crypto Investing Despite RBI Ban

India is presently drafting but have been delayed. Meanwhile, RBI, the nation’s central bank, has banned financial institutions under its jurisdictionBitcoinRush site Several petitions have been filed against the ban. The country’s supreme court was trying to listen to them since Sept. 11, but the hearing has always been postponed.

Some exchanges have been negatively affected by the banking ban from the central bank. Among the largest crypto trading platforms of the country, Zebpay closed down its exchange operations on account of the banking problem.

Regardless of the ban, 32 Instashift traders said that they would continue to invest in crypto when the RBI intensifies its crackdown such as 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.

In addition, 36 traders believe that the Indian government will amend existing legislation to accommodate cryptocurrencies. Ten respondents think that the regulators will eliminate restrictions on cryptoignition casino bitcoin cash best dice casino bitcoin However, only four dealers 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. Exchange-escrowed peer-to-peer trading services, which they claim have gained popularity have been introduced by some.

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

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

As for where to keep their funds, 24 traders prefer to keep them altcoins is preferred by 14, and 12 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 prohibit, 35 respondents feel that the fear of uncertainty is the biggest barrier from flourishing, stopping the crypto economy. Twenty-six traders think that the lack of banking support is the biggest challenge. Twenty-five traders put the lack of comprehension of the crypto industry as the most significant factor, while 18 traders attributed the lack of liquidity in the marketplace as the reason.

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

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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