HYDERABAD: Despite hindrances, be it from the Reserve Bank of India (RBI) or Central government, cryptocurrencies continue to evoke interest in several people across the country. Among eight global cryptocurrency markets, buying intentions of cryptocurrency ‘in six months’ was highest among Indians. With six per cent share, India beat the likes of the US and Brazil in the number of people wanting to buy cryptocurrencies.
The nation has about seven 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 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.
The research says there is not much of a gender variable when it comes to possessing cryptocurrencies as men and women equally own the new form of cash.This comes when the prospects of cryptocurrency look bleak in the country with RBI in April asking all the banks and financial institutions not to provide services to cryptocurrency exchange houses. Interestingly, several 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 it 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, cryptocurrency users have started an online campaign, #isupportcrypto, seeking removal of the ban on exchange houses.