News

Mainstream Indian investors see “no easy way to enter” crypto

Nicholas Say
Nicholas Say

A study of more than 11,300 participants conducted by India’s CoinDCX exchange showed that a majority of Indian investors do not see a “easy” way of obtaining crypto-asset exposure. This is despite the reversal of a ban on financial institutions offering digital asset companies at the beginning of this year.

56% of surveyed participants aged under 40 claimed that the way into entering crypto markets is difficult. 60% of respondents with less than 500,000 Indian Rupee earnings ($6,700) annually also shared the same feeling. Several parts of the Indian population also list "legal and regulatory clarity" as the biggest obstacle to entry into the crypto-sector, which includes 22% of respondents aged 40 years old or above, 32% of undergraduates, and 23% of real estate investors. Graduates and respondents aged from 20 to 30 described "knowledge and education" as a major obstacle in embracing cryptography.

While 12% of those who interviewed reported owning crypto assets in the banking industry, 22% agreed that virtual currencies are a significant alternative investment that could contribute to a country's development.

In May 2018, India's Supreme Court reversed the ban that the Indian Reserve Bank in July 2018 imposed on banks that supply financial services to companies managing crypto assets.