The potential of Bitcoin in India
A majority of respondents believe in the advantages of cryptocurrencies, as shown in the infographics. In addition, Paxful’s results also show optimism about the future of the crypto industry in India. 64% of respondents indicated that companies will benefit from the lifting of the ban and 52.2% responded that retailers will push the introduction of Bitcoin. In addition, Paxful’s findings suggest that respondents would like to see an improved regulation.They are also heavily calling on regulation with 75.60% of respondents believing that KYC and regulatory frameworks (58.60%) are most important to the continued success of digital assets.
The results of the survey show what the general sentiment among the Indian population is like, which sectors are most likely to introduce Bitcoin, and where further developments will take place.
One of the first issues raised in the survey is the feeling before and after the lifting of the ban in the country. According to Paxful, the general feeling of the Indian population regarding cryptocurrencies was positive and differed from that of the local government: According to data from Paxful, it was determined that 75.8% of those surveyed depend on cryptocurrencies to make transfers due to the “limitations of the banking system”. In addition, 64.8% of the respondents stated that cryptocurrencies are a means of achieving “financial freedom”. The report further states that 51% of respondents follow the global sentiment and claim that cryptocurrencies are able to provide financial freedom to the unbanked.
The trade volume on the peer-to-peer marketplace in February was over 3.2M USD. According to the March survey, 93.8 % of respondents invested in crypto prior to the 2020 ban lift, with 90% of respondents holding Bitcoin and 44% holding Ethereum.
Author : Reynaldo