Indians Own Bitcoin and Crypto Because Banks Are Incompetent: Survey

Paxful, a peer-to-peer Bitcoin trading platform with a presence in over 20 countries across the globe, has released the result of their survey on India.

The result which was released on April 1, 2020, is but a few weeks after the encouraging dismissal of a previous RBI directive on cryptocurrency trading on one of Asia’s leading economic powerhouses.

How India Feels about Digital Currencies

And it was all about sentiment.

After polling Indians of between 18 and 55 years, of which 75% had crypto holdings, the platform sought to find the position of crypto as a driver of the Indian economy, and which industry will drive crypto adoption the most.

In addition, the survey wanted to know the opinion of crypto holders in the country and their sentiment towards digital currencies.

The results were astounding.

Crypto as a Vehicle of Financial Inclusion

75.8 percent of those surveyed revealed that they used cryptocurrencies to easily and fairly transfer money.

Another 64.8 percent believed that holding cryptocurrencies was a path towards financial freedom. However, what was interesting is that 51 percent of those who took part in the survey strongly believed that cryptocurrencies are agents of financial inclusion.

In a world where not everyone can access services from traditional financial providers, the peer-to-peer nature of leading cryptocurrencies like Bitcoin, for example, enable not only a cheap and fairway of transferring value across geographies but the lack of banks in the equation, most of who are expensive makes it possible for those in the periphery to send and receive funds.

Paxful Survey: KYC and AML Indispensable

The benefits of cryptocurrencies were also highlighted.

Paxful notes that a “bulk of survey respondents believing heaBTCUSDvily in the benefits of crypto.”

Still, they believe that the aspect of regulation and specifically the implementation of KYC and AML will play a big role in driving adoption.

“Indians see crypto enterprises thriving due to the lift of the ban at 64.8% with the retail sector following at 52.2%. They are also heavily calling on regulation with 75.60% of respondents believing that KYC and regulatory frameworks (58.60%) are most important to the continued success of digital assets.”

With the ground set—and potential investors optimistic on the future of crypto, the $50 million set for promotion of blockchain technologies in India by WazirX, a cryptocurrency exchange which was acquired by Binance and whose token rose after the RBI lift, is timely.