A survey conducted by CoinDCX discovered that local investors think that digital assets are not accessible to first-time crypto investors in India. Despite the ban on crypto transactions being lifted this year, there’s still not enough information to help investors get started with crypto investments.
The study shows that at least 56% of respondents under the age of 40 claimed that ‘there’s no easy way to enter’ the digital realm. The same response was also extracted from 60% of respondents that were earning below 500,000 rupees a year.
Moreover, the majority of India’s population also said that the frameworks that defined the crypto sphere lack ‘legal and regulatory quality’, and this creates a big hurdle for people who don’t have the means to access crypto-related information and data. Out of all the respondents, 22% were aged 40 or above, 32% were undergraduates, and 23% were from the real estate sector.
In 2015, when Prime Minister Narendra Modi demonetized 86 per cent of the circulating fiat currencies in the country, many Indian nationals struggled in exchanging their old banknotes into new ones. The sudden shift into new paper bills made it difficult for people to access the updated notes issued by the government.
Because of this event, people have resorted to cryptocurrency to settle their finances. While the country has allowed buying and selling digital assets in 2015, cryptocurrency only became a widely accepted mode of payment in 2016.
In 2017, the Modi-led administration assigned Finance Minister Arun Jaitley to create a committee that will assist in creating and drafting the clauses that will serve as the cryptocurrency framework in India. As the government eased the use of digital assets in the country, local crypto startups have sprung in India to offer crypto-related services to people.
India has come a long way when it comes to digital assets. Right now, the South Asian country is considered one of the major peer-to-peer markets for Bitcoin trading and selling. Additionally, Indian-based digital asset companies such as Zebpay said that they are planning to launch an exchange in the country where users can purchase non-refundable tokens.