Preferred Cash Out Methods bitcoin high limit casino games

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 think about different crypto-related issues including their investment concerns, the crypto banking ban from the Reserve Bank of India (RBI), and if they will continue investing in crypto despite regulatory uncertainty.

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

Furthermore, 40 traders believe 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 postponed. Meanwhile, the central bank of the country, RBI, has prohibited financial institutions under its jurisdiction from providing serviceshow to set up bitcoin planet 7 casino bitcoin casino united states 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.

The banking ban by the central bank has impacted some exchanges. Zebpay, one of the largest crypto trading platforms of the country closed down its exchange operations due to the banking problem.

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

Moreover, 36 traders believe that the government will amend current legislation to accommodate cryptocurrencies. Ten respondents believe that the regulators will remove restrictionscasinos special bonuses sites casino heroes review 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 to the RBI ban. Trading solutions, which they claim have gained much popularity have been introduced by some.

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

On Sunday, one of the biggest crypto exchanges of India, Unocoin introduced another cash-out method. The business has launched crypto ATMs permit its users to deposit and withdraw rupees and to skip the RBI ban. This option was announced after the Instashift survey had reasoned, so it was not included in the survey.

In terms of where to keep their funds, 24 traders prefer to keep them altcoins is preferred by 14, and 12 especially prefer stablecoins. Recently, a growing 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 ban, 35 respondents feel that the fear of regulatory uncertainty is the biggest hurdle from flourishing stopping the Indian crypto market. Twenty-six traders think that the lack of banking support is the biggest challenge. Twenty-five traders put the lack of understanding of the crypto sector as the most significant factor, while 18 traders blamed the lack of liquidity in the market as the top reason.

Despite all the hurdles, 41 traders stated that they are investors and will continue to invest in crypto. Seventeen traders admitted that they are apprehensive but expect the government to create a positive environment for cryptocurrencies. Four respondents are entertaining the concept of exiting the crypto space altogether.

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

Pictures courtesy of Shutterstock and Instashift.

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