April 2, 2020 — Global peer-to-peer bitcoin marketplace, Paxful, released today the results of a survey about the future potential of cryptocurrency in India. The survey highlights what industries will lead the charge towards adoption, where crypto will drive the most progress, and the general sentiments of Indian men and women, ages 18-55, 75% of which have crypto investments, regarding digital currency.
India has recently seen a lift on its crypto ban, leaving a world of opportunity accessible to a population of over a billion people. Prior to the ban lift and according to recent Paxful data, Indian’s sentiment around digital currency was quite contrary to that of its government. The trade volume on the peer-to-peer marketplace in February was over 3.2M USD. According to the March survey, 93.8 % of respondents invested in crypto prior to the 2020 ban lift, with 90% of respondents holding Bitcoin and 44% holding Ethereum.
According to the data collected in Paxful’s survey, 75.8% of respondents rely on digital currencies to easily and fairly transfer money, in an otherwise limited banking system, and 64.8% believe it is the path to financial freedom. In a world where P2P economics has driven financial inclusion, the survey results fell in line with the global sentiment that cryptocurrency has the ability to provide financial access to anyone who can not participate in the traditional system. Indian’s fell in accordance with that sentiment with 51% of respondents in agreement.
The ability to freely trade digital currencies in India has brought immense potential to the ecosystem and the country itself with the bulk of survey respondents believing heavily in the benefits of crypto. Indian’s have strong opinions on the future of digital currencies and which aspects of the industry will ensure success, and which industry will drive adoption. According to respondents, 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.
The future of cryptocurrency in India looks bright, and the survey respondents agree with 43.40% stating that they look forward to an increase in jobs and the ability to take on entrepreneurial endeavors. It is expected that cryptocurrency usage will continue to flourish, a conclusion that can be based on the statistic that 40.40% of respondents would invest in digital currency over any other investment option with stocks and bonds to follow (30.00%) and real estate and gold coming in at 14%.
“India has proved itself as a center for innovation, and we’re excited to see the growth and discoveries they will bring to the industry,” said Ray Youssef, CEO, and co-founder of Paxful. “India has a lot of potential in all aspects of growth, and are especially interested to see how they utilize peer-to-peer finance now and into the future.”
Paxful’s mission is to give people a simple, fair, and secure platform for buying and selling bitcoin. They aim to bring financial inclusion to the underbanked and unbanked through peer-to-peer finance. Every user gets a free digital wallet that lets them send, receive, and store BTC. The P2P marketplace cuts out the middleman with their secure escrow service and has a 24/7 customer support system dedicated to resolving issues for their users.
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