Indian Traders still difficult to Gain Access To Cryptocurrency

Kataryna Habeliia November 27, 2020

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Indian Traders still difficult to Gain Access Cryptocurrency

According to a survey conducted by the Indian cryptocurrency exchange CoinDCX, most local traders and investors are still not easy to get access to cryptocurrency.

Recall that in March, the Supreme Court of India overturned the country’s Central Bank (RBI) directive prohibiting the use of bitcoin and other crypto-assets in India. Despite this, 56% of local traders under the age of 40 still do not see an “easy way” to enter the cryptocurrency market. This opinion is shared by 60% of those surveyed who earn less than INR 500,000 (about $ 6,700) per year. 11,300 people took part in the survey, including 3,512 exchange clients.

Who owns cryptocurrency in India?

It found that 40% of Indian cryptocurrency traders work in information technology, finance, and education. 12% of those surveyed working in the banking sector said they already own cryptocurrencies, and 22% of respondents believe that virtual currencies can become an alternative to traditional investments. It is noteworthy that only 5% of those surveyed believe that digital assets have no value.

According to traders, the main obstacle to entering the cryptocurrency industry is the lack of regulation. Lack of financial literacy also hinders the massive adoption of crypto assets. To fill this gap and raise public awareness of blockchain and cryptocurrencies. In September, CoinDCX launched special educational programs in partnership with the Blockchain Council.

Earlier, CoinDCX CEO Sumit Gupta said that since the beginning of the year, Indian traders have begun to show significant interest in cryptocurrency derivatives trading.

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