A comprehensive study by the Indian CoinDCX exchange found that most local investors don’t see an “easy way” to access the risk of crypto assets. This is despite the fact that earlier this year the country lifted its ban on financial institutions providing services to digital asset companies.
According to the knowledge of the exchange associated with OKEx 56% of respondents under 40 say that there is still no “easy way” to enter the market. This view is shared by the 60% of respondents who earn less than Rs 500,000 ($ 6,700) a year.
Many sections of the Indian population also cite a lack of “legal and regulatory clarity” as the major obstacle to entering the crypto sector. Among them, 22% of respondents are 40 years or older, 32% are students, and 23% are real estate investors.
Graduates and respondents aged 20-30 identified “knowledge and education” related to cryptocurrencies as the greatest challenge to their adoption.
CoinDCX digitally surveyed over 11,300 participants for their survey, including 3,512 of its own customers.
The results show that 40% of cryptocurrency investors in India come from one of three professional backgrounds: IT, finance or education.
While 12% of respondents in the banking sector said they own crypto assets, 22% agree that virtual currencies are a strong alternative investment. suggesting it could be a growing sector in the country.
Almost two-thirds of crypto investors are employed, 12% are self-employed and only 8% are students.. Despite the low degree of ownership of cryptocurrencies among students, it has been found that 87% of crypto investors have at least a college degree.
Oddly enough There were very few respondents willing to get rid of crypto completely. Less than 5% of retirees, unemployed or housewives said that cryptocurrencies offer “no profit”. This number falls below 1% among graduates.
In May of this year, the Supreme Court of India lifted a ban on banks providing financial services to companies dealing with crypto assets. which was enacted by the Reserve Bank of India in July 2018.
Although many crypto companies continue to complain that banks are reluctant to work with them, India’s virtual currency sector has grown significantly since the first quarter. India has become an important peer-to-peer market for Bitcoin trading. local exchange Zebpay revealed plans to launch a non-fungible token market, and Binance launched a local accelerator for decentralized funding projects.
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