More demand for cryptocurrencies in India than US?

Germany-based research firm says that buying intention of cryptocurrencies was highest in India among the eight global markets

Published: 12th June 2018 05:55 AM  |   Last Updated: 12th June 2018 05:55 AM   |  A+A-

A view of Ducatus cafe, the first cashless cafe that accepts cryptocurrencies such as Bitcoin,. (Reuters | File)

By Express News Service

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.

Stay up to date on all the latest Hyderabad news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

facebook twitter whatsapp