Crypto News: Study Reveals Cryptocurrency Adoption Problems In India & More

india-crypto
  • The study results show that 68 percent of surveyed people earning over INR 10 Lakhs per year referred to the lacking number of regulatory clarity as a big problem when thinking about investments in cryptos.
  • In a recent CoinDCX survey, 60 percent of surveyed people earning less than INR 5 yearly found it very difficult to invest in cryptos because of the lack of simple and smooth options.
  • The study got answers from over 11K people, mainly in the 25-35 age range, of whom 53 percent were cryptocurrency investors, while the rest weren’t cryptocurrency investors.

BTC may have produced a 130 percent yield this year as opposed to 30 percent for gold. But it’s overtaking as a top digital asset class has been marked by the absence of clarity on India’s crypto regulatory scenario, the CoinDCX survey from India.

According to the results, 68 percent of the surveyed getting more than INR 10 Lakhs yearly in income cited the absence of regulatory clarity as a big issue when thinking about cryptos investments.

On the other side, 60 percent of the surveyed getting less than INR 5 Lakhs yearly in income said it was difficult to invest in cryptocurrencies because of the lack of simple and smooth opportunities on hand.

The cryptocurrency marketplace in India was booming in 2020 after the Supreme Court abolished the Reserve Bank of India’s ban on crypto in March.

Inida’s cryptocurrency exchanges like WazirX, CoinDCX, and CoinSwitch Kuber, saw heightened traffic on their websites, while some like Unocoin has drawn investments from an early Tesla, Skype, and Twitter backer, Draper Associates. In the meantime, foreign-based cryptocurrency exchanges, like Bitex from the United Arab Emirates and USA-based cryptocurrency big-name Coinbase, have either started operations in India or are actively preparing to do such a thing in upcoming times.

While the signals have been promising, discussions with industry stakeholders show how the dominant uncertainty connected to the regulatory scenario for cryptocurrencies in India is slowing down the industry’s expansion.

The CoinDCX survey, designed to comprehend the atmosphere of India’s 1 Bn strong consumers concerning cryptos, tech, and investment potential of the latest and evolving asset class, got answers from over 11K people, mainly in the 25-35 age range.

Of the overall respondents, 53 percent were cryptocurrency investors, while the remainder weren’t. The study results offer information on how cryptocurrencies are gaining traction as an alternative to traditional investment choices.

The study saw that 78 percent of those who invest in cryptos had also invested in mutual funds early on, 22 percent of crypto investors had never invested in any newer form of investment. In comparison, 63 percent of people surveyed from the IT, financial, and education sectors, excluding banking, thought cryptocurrencies were a good property class for investing in.

Keeping in mind the age range criteria for the surveyed group, the survey noted that 71 percent of the surveyed who had less than 35 years had invested in cryptos at least once, and 27 percent of the surveyed over 40 never invested in cryptos.

A precise description of the results of the study may be seen in the picture here:

This survey is a significant moment for India’s cryptocurrency space. It notes the need for options for investing in cryptocurrencies on one side and also highlights the need for smart regulation in the region. It’s clear from the study that while India is expected to be the next big player globally, it is very necessary that smart and sensible regulations be part of the debate.

Prices

As of this writing, BTC was priced at USD19,750, a 4.66 percent jump from the previous week’s price of USD 18,870. Its market maximum was USD365 B.

ETH traded about USD626, a 3.47 percent jump from the previous week’s USD605 price. Its marketplace cap was circa $70B.

Other Notices

Unocoin is Launching a Digital Property Trading Platform

Unocoin, the oldest Indian crypto platform, has stated the launch of Unocoin Exchange is coming up, the latest cryptocurrency exchange platform for skilled traders, fund managers, and retail investors.

The launch, which comes after Unocoin’s beta Unodax platform, sets the stage for expanding the firm’s existing brokerage model to a full-scale exchange one. The platform provides robust billing and billing functions to aid fund managers, and skilled traders comply with tax enforcement and reporting on finances.

CoinSwitch Kuber is Launching an Apple Store Application

Bengaluru-based cryptocurrency exchange platform CoinSwitch Kuber has introduced its software on the Apple iOS App Store. The company claims that the Apple application launch arrives after its Google Play Store application went over 5 lakh downloads half a year after its introduction. The company claims that its user base has grown by 150 percent on a month-to-month basis).