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 80 cryptocurrencies.

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

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

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

Crypto Investing Despite RBI Ban

India is presently drafting crypto regulations which were supposed to be ready in September but have been postponed. Meanwhile, RBI has prohibited institutions under its jurisdiction from providing services to crypto companiesbest bitcoin casino us reddit bitcoin online casino free to play A number of 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 continually been postponed.

The banking ban from the central bank has adversely impacted some exchanges. One of the country crypto trading platforms, Zebpayclosed 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. 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 government will amend current laws to accommodate cryptocurrencies. Ten respondents believe that the regulators will remove restrictions on cryptoHow does ZigZag777 Casino bonus However, only four dealers believe that crypto will be legalized and regulated in India.

Preferred Cash-Out Methods

Numerous 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 . Forty-eight traders said they prefer to cash out using sites. Five dealers prefer to use local cash deals, four prefer using gift cards and online deals, and four others prefer to cash out using Mastercard services and prepaid crypto Visa.

On Sunday, one of India crypto exchanges introduced another method. The business has established 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 wasn’t included in the survey.

As for where to keep their funds, 24 traders prefer to keep them in BTC, 14 and 12 favor altcoins and stablecoins, respectively. 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 ban, 35 respondents feel that the fear of uncertainty is the biggest hurdle from flourishing stopping the crypto economy. Twenty-six traders believe that the lack of banking support is the biggest challenge. Twenty-five traders put the lack of understanding of the crypto industry as the most significant factor, while 18 traders attributed the shortage of liquidity in the marketplace 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 that they’re worried but expect the government to eventually create a positive environment for cryptocurrencies. Four respondents are entertaining the idea of leaving the space that is crypto .

What do you think of 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.net