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Most Respondents Are Hodlers

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

Fifty dealers in India participated. The objective of the survey was to learn what they consider different crypto-related issues including their investment issues, the crypto banking ban from the Reserve Bank of India (RBI), and if they will continue 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 while 10 traders disagree bitcoin is a safe haven against inflation that is rupee.

Crypto Investing Despite RBI Ban

India is presently drafting but have been delayed. Meanwhile, the central bank of the country, RBI, has banned institutions under its jurisdictionbitcoin casino no deposit bonus usa usa bitcoin casino fair 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 crypto trading platforms, Zebpayshut down its exchange operations on account of the banking issue.

Despite the ban, 32 Instashift traders stated that they would continue to invest in crypto even when the RBI intensifies its crackdown like freezing crypto accounts. Another 12 traders noticed while six respondents said they would discontinue crypto trading that they are likely to continue trading.

Moreover, 36 traders feel that the government will amend current laws to accommodate cryptocurrencies. Ten respondents think that the regulators will remove restrictions on crypto 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. Trading solutions, which they claim have gained 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 peer-to-peer sites. Five traders prefer to use cash deals, four prefer to use online bargains and gift cards, and four others prefer to cash out using crypto Visa and Mastercard services.

On Sunday, another method was introduced Unocoin, by one of India crypto exchanges. The company has established crypto ATMs to bypass the RBI ban and permit its users to deposit and withdraw rupees. This option was declared after the Instashift survey had reasoned, so it was not included in the survey.

As for where to keep their funds, 24 traders prefer to keep them in BTC, 14 prefer altcoins, and 12 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 feel that the fear of uncertainty is the biggest barrier stopping the crypto market. 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 industry as the most significant factor, while 18 traders blamed the shortage of liquidity in the market as the reason.

Despite the hurdles, 41 traders will continue to invest in crypto and said that they are long-term investors. Seventeen traders admitted that they are worried but expect the government to create a positive environment for cryptocurrencies. However, four respondents are entertaining the idea of leaving the space that is crypto entirely.

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

Images courtesy of Shutterstock and Instashift.

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