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India might Be Headed for a Bitcoin Boom – Paxful

Paxful, a peer-to-peer bitcoin marketplace, recently published the results of a survey it carried out. The survey suggests that enthusiasm for crypto, especially Bitcoin, is on the rise in India.

 

India’s BTC interest

According to the study, Indians aged 18 to 55 are going to drive this Bitcoin push. A recent study by Paxful showed that 93.88% of all respondents have invested in the crypto sector. The study was conducted before the Indian Supreme Court lifted the ban on India’s Central Bank declaration. Before the ruling, all banks in India were banned from dealing with businesses involved in the crypto sector.

India’s crypto ban has opened up a world of opportunities. The country has a population of over a billion people and if the government were to embrace crypto, it would significantly affect the crypto sector. As of January 2020, the P2P volume was over $3 million. While this is still small, it is a growing percentage.

A recent study showed that 93.8% of people who had invested in India’s crypto sector were for the lifting of the ban. The study revealed that 90% of them were Bitcoin holders while 44% owned some Ethereum. Besides that, the study showed that over 75% relied on crypto to make transactions easier.

 

Paxful In India

According to the study by Paxful, about two-thirds of survey participants think crypto will offer financial freedom. In a world where many financial experts believe that crypto will offer financial inclusion, do the results of the survey reflect the reality of global sentiment about the financial sector. While the traditional financial system places many barriers on many people, they are eliminated with the help of crypto and the blockchain.

Results of Survey

According to a study carried out in Indian, over 60% of those that participated in the survey believe that India’s crypto sector would thrive once the central bank ban is lifted. The study also showed that most Indians were open to regulation.

Summary

India’s future in the crypto sector is bright. While there is still a lot of opposition to the sector, most of the effort appears to be moving towards making things better for all Indians.

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