India: Here’s what keeps investors from turning to cryptocurrency
For most people, India is a country with a lot of untapped potential, able to really push the Crypto space into the stratosphere. However, there are many obstacles for these dreams to come true. A survey that reported the sentiments of investors in India, a survey by CoinDCX, one of the largest crypto exchanges in India, recently highlighted these obstacles.
According to a press release received by AMBCrypto, the report revealed that the lack of easy and hassle-free investment options is a major concern for potential crypto investors in the country.
While this finding highlights the initial stage of crypto development in the country, its wider adoption among its incredibly large population of 1.3 billion could have a significant impact on participation in the worldwide crypto market.
It should be noted that after the Supreme Court’s March decision to lift the banking ban on cryptocurrencies, India’s crypto industry witnessed a massive influx of crypto demands from investors.
According to most of the respondents, the average profile of a crypto investor in India includes a person between the age group 25-35 with relatively well-educated backgrounds.
However, despite their Education level, 72% of the Participants think that the biggest challenge they face when entering the crypto market is due to a lack of knowledge and awareness.
This is a very important finding as it balances the optimism of the Other findings; One of them found that less than 5% of respondents believed that crypto was of no use. While the rest of the respondents believed this to be an alternative asset class, there is potential for wider adoption in the Country.
Interestingly, 60% of Survey respondents thought they needed an easier way to join crypto, while other trends regarding barriers to entry were very similar to those faced by market participants in the West.
For example, given the fact that the Country tried to ban cryptocurrency trading just recently, 68% of the Survey respondents cited legal and regulatory clearance as a major concern. This is not an anomaly as in countries such as the United States, the uncertainty over Regulations still continues to plague the crypto market.
Just yesterday, Coinbase CEO Brian Armstrong commented that there were rumors of the US Treasury issuing new regulations regarding self-hosted crypto wallets, This speculation has thrown the markets into turmoil.
It would be fair to assume that Regulatory clarity is what will really scale adoption in South Asian countries such as India to the level it reaches in other parts of the world.