HYDERABAD: Despite several hindrances placed —be it by the Reserve Bank of India (RBI) or central government—cryptocurrencies continue to capture the imagination of several people across India. Among eight global cryptocurrency markets, buying intentions of cryptocurrency ‘in six months’ was highest among Indians. With 6 per cent of share, India beat the likes of the US and Brazil in the number of people wanting to buy cryptocurrencies.
The nation has about 7 per cent of people owning cryptocurrencies through numerous types —Bitcoin, Etherium, Ripple and the like. Japan stood on top of the table with 11 per cent of its citizens owning cryptocurrencies. The survey titled Global Cryptocurrency Survey conducted by Dalia Research, a Germany- based research firm, released in May 2018, has also highlighted that India stands at fourth place after Japan, the UK and the US in people owning cryptocurrencies. In total, 29,000 respondents were sampled for the survey. However, there are not enough people in India who are knowledgeable or aware about what cryptocurrency is, as the nation trails in the sixth place with Japan and Korea on top. The research also highlights that there is not much of a gender variable when it came to possessing cryptocurrencies as both men and women equally owned the new form of cash.
This comes at a stage when the prospects of cryptocurrency look gloomy across the country with RBI, in April, asking all the banks and financial institutions not to provide services to cryptocurrency exchange houses. Interestingly, several of the local investors and traders have taken to those cryptocurrencies exchanges that are located outside India. Sachin Yadav, a crypto trader based in Hyderabad has started using Binance and Bitrex to trade his crypto assets. “The government is failing to understand that it is missing out on revenue by putting a ban. If the government wants to win people from this segment, they have to regulate the sphere.”
ONLINE CAMPAIGN GOES VIRAL
After RBI released a circular directing its banks to stop giving services to cryptocurrency exchange houses, an online campaign— #isupportcrypto, was started. Through the campaign,cryptocurrency users are demanding removal of the ban on exchange houses and even threatened to restrain from voting for the ruling government.