Instashift directed a survey in the first week of October stressing on the environment of cryptocurrency in India. Fifty active traders took part in the survey. The objective of the survey was to discover what they think about different crypto-related issues including their investment concerns, whether they will continue putting resources into crypto in spite of regulatory uncertainty and the crypto ban by RBI.
How Many Are Hodlers
Over 80 cryptocurrencies are traded on Indian exchange Instashift Among the 50 merchants who reacted to the survey, 43 said that they hodl while seven uncovered that they contribute short term. Also, 40 investors trust Bitcoin is a place of refuge against rupee inflation while 10 traders oppose this idea.
Future of Indian Crypto Ecosystem
35 respondents believe that the greatest obstacle in the development of the Indian economy is the dread of regulatory uncertainty. Twenty-six investors say that the absence of banking support is the biggest challenge. Lack of knowledge of the crypto business is also a critical factor according to 25, while 18 users credited the absence of liquidity in the market as the main reason.
In spite of the considerable number of obstacles, 41 dealers are the believers in the crypto industry and will continue to invest. Seventeen brokers except the government to create a positive environment for cryptocurrencies and four respondents are possibly leaving the crypto space.
Impacts Of RBI Ban On Cryptocurrency Market In India
According to Bitcoin News, the RBI ban has been unfavorable for some exchanges. Zebpay, nation’s biggest crypto exchange platform has moved from India to Malta due to the banking issues.
Moreover, 36 traders are expecting the Indian government to revise existing laws to support cryptocurrencies. Ten respondents trust that the government will evacuate limitations on crypto. Nonetheless, four merchants also believe that the Indian government will legitimize and regulate cryptocurrency.
Some cryptocurrency exchanges in India like WazirX, was not affected by RBI Ban, as reported by Zee Business. The firm stated that even though RBI ban had moved crypto market, they still managed 35 percent monthly growth. WazirX also launched Tether, a stable coin backed by USD, to facilitate P2P transactions.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]