A comprehensive study of the Indian CoinDCX Exchange found that most local investors see no “easy way” to access cryptoassets. This is despite the government’s lifting of the ban on financial institutions from offering services to companies working with digital assets earlier this year.

Based on the exchange results, 56% of respondents under 40 confirmed that there is still an “easy way to enter” the markets. 60% of respondents share this view and earn less than INR 500,000 ($ 6,700) per year.

Many sections of the Indian population also cite the lack of “legal and regulatory clarity” as the main obstacle to entering the crypto sector, including 22% of respondents aged 40 and over, 32% of students and 23% of investors. The property.

Alumni and participants in their 20s and 30s identified “knowledge and education” about cryptocurrency as the biggest challenge for adoption.

CoinDCX digitally surveyed over 11,300 survey participants, including 3,512 of its customers.

The results show that 40% of cryptocurrency investors in India have one of three professional skills: information technology, economics or education.

While 12% of respondents working in the banking industry said they own cryptocurrencies, 22% agree with the statement that virtual currencies are a strong alternative investment, indicating that this may be a growth sector in the country.

Almost two thirds of cryptocurrency investors receive money, 12% are self-employed and only 8% are students. Despite the low level of cryptocurrency ownership among students, it turns out that 87% of traders have at least one university.

Interestingly, very few survey respondents are willing to write off cryptocurrencies completely, with less than 5% of respondents retiring, unemployed or housewives confirming that cryptocurrencies offer “zero percent”. Among new graduates, this figure falls below 1%.

In May this year, the Indian Supreme Court lifted the ban on offering financial services from banks to companies working with cryptocurrency assets, which the Reserve Bank of India introduced in July 2018.

While many cryptocurrency companies continue to complain about banks’ reluctance to cooperate with them, India’s virtual currency sector has expanded significantly since the first quarter. India has developed into a large peer-to-peer market for bitcoin trading when local exchange Zebpay announced plans to launch a non-exchangeable token market, and Binance launched a local accelerator for decentralized finance projects.

Source: CoinTelegraph

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