According to a survey conducted by the Indian cryptocurrency exchange CoinDCX, it is still not easy for most local traders and investors to access cryptocurrencies.
Recall that in March, the Supreme Court of India overturned a directive of the country’s Central Bank (RBI) 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 respondents who earn less than 500,000 Indian rupees (about $6,700) a year. 11,300 people took part in the survey, including 3,512 clients of the exchange.
It turned out that 40% of Indian cryptocurrency traders work in the field of information technology, finance and education. 12% of respondents working in the banking sector said that 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 respondents believe that digital assets do not carry any value.
According to traders, the main obstacle to entering the cryptocurrency industry is the lack of regulation. The lack of financial literacy also hinders the mass adoption of crypto assets. To fill this “gap” and raise public awareness about blockchain and cryptocurrencies, in September, the CoinDCX exchange launched special educational programs in cooperation with the Blockchain Council.
Earlier, the head of CoinDCX, Sumit Gupta, said that since the beginning of the year, Indian traders have begun to show significant interest in trading cryptocurrency derivatives.