A survey released on April 2 and conducted by peer-to-peer Bitcoin (BTC) marketplace Paxful revealed growing positive sentiment in terms of cryptocurrency adoption in India.
Paxful's survey of investors between the ages of 18–55 revealed that 75% of them had invested in cryptocurrencies.
Prior to the Reserve Bank of India's crypto ban lifting, Paxful said that trade volume in the P2P marketplace in January exceeded $3 million, taking into account that 93.8% of respondents invested in cryptos before the ban.
According to the study, 78.5% of respondents prefer to use cryptocurrencies to transfer money quickly and easily, since they believe that the traditional banking system is corrupt, while 64.8% believe that it is a way to achieve financial freedom.
Growing cryptocurrency adoption in India
Speaking with Cointelegraph, Paxful’s CEO Ray Youssef said that, now that crypto business can receive banking series in the country, the cryptocurrency space will see significant growth:
“Momentum will rise either way. Even when the cryptocurrency banking ban was in place, the Indian crypto community was actively trading and investing. It is good that they are heavily calling on regulation, with the barriers lifted, the momentum has multiplied manifold with million-dollar investments and support.”
Youseff also explained that the growing mobile technology revolution in India has caused an older segment of the population to know and learn about the cryptocurrency market.
Future is bright for the Indian market
The report ensures that the future of cryptocurrencies in India looks “bright,” as 43.50% of respondents look forward to an increase in jobs and the ability to take on entrepreneurial endeavors thanks to the crypto market. Youssef commented on the growing trend shown by the survey:
“The lift of the ban on cryptocurrency barriers is just the beginning of their crypto journey. India’s monthly and weekly crypto volumes are rising up every week. In just the last few days we have heard of million-dollar funds dedicated to blockchain and cryptocurrency in India. With the easing of restrictions and growing adoption, we believe the numbers are set to go higher for the foreseeable future before we start seeing a consolidation period in India.”