A Survey Reveals Growing Positive Sentiment In Terms Of Crypto Adoption In India
A Survey Reveals Growing Positive Sentiment In Terms Of Crypto Adoption In India
April 3, 2020
A Survey Reveals Growing Positive Sentiment In Terms Of Crypto Adoption In India
A Survey Reveals Growing Positive Sentiment In Terms Of Crypto Adoption In India
April 3, 2020

A survey released and conducted by peer-to-peer bitcoin (BTC) marketplace Paxful revealed growing positive sentiment in terms of cryptocurrency adoption in India.

On April 2, it has been reported that Paxful’s survey of investors between the ages of 18–55 revealed that 75% of them had invested in cryptocurrencies.

However, prior to the Reserve Bank of India‘s crypto ban lifting, Paxful said that trade volume in the P2P marketplace in January exceeded $3 million, taking into account that 93.8% of respondents invested in cryptos before the ban.

According to the study, 78.5% of respondents prefer to use cryptocurrencies to transfer money quickly and easily, since they believe that the traditional banking system is corrupt, while 64.8% believe that it is a way to achieve financial freedom.

Ray Youssef, the CEO of Paxful, said that, now that crypto business can receive banking series in the country, the cryptocurrency space will see significant growth.

ALSO READ :  Sberbank Works With S7 Airlines To Introduce A Blockchain-Based Ticket Sale System

Youssef added:

“Momentum will rise either way. Even when the cryptocurrency banking ban was in place, the Indian crypto community was actively trading and investing. It is good that they are heavily calling on regulation, with the barriers lifted, the momentum has multiplied manifold with million-dollar investments and support.”

Also, Youssef explained that the growing mobile technology revolution in India has caused an older segment of the population to know and learn about the cryptocurrency market.

The report ensures that the future of cryptocurrencies in India looks “bright,” as 43.50% of respondents look forward to an increase in jobs and the ability to take on entrepreneurial endeavors thanks to the crypto market.

Thus, Youssef commented on the growing trend shown by the survey:

“The lift of the ban on cryptocurrency barriers is just the beginning of their crypto journey. India’s monthly and weekly crypto volumes are rising up every week. In just the last few days we have heard of million-dollar funds dedicated to blockchain and cryptocurrency in India. With the easing of restrictions and growing adoption, we believe the numbers are set to go higher for the foreseeable future before we start seeing a consolidation period in India.”

Source: cointelegraph.com | Image: newsbtc.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!