Most Indians Find Lack of Crypto Awareness, Knowledge Biggest Barriers to Entry, Says Survey
Lack of knowledge and awareness continues to be an entry-barrier for Indians looking to venture into crypto.
Indian Crypto Exchange Conducts Survey to Gather Insights
One of the leading Indian cryptocurrency exchanges, CoinDCX recently conducted a survey trying to gauge the stance towards cryptocurrencies in the country. Unsurprisingly, the survey brought forth several critical insights that shed light on the current state of the Indian cryptocurrency ecosystem.
According to the survey, 60% of the respondents earning below $6,700 per annum find it extremely challenging to invest in cryptocurrencies owing to lack options available. On the flip side, 68% of those earning more than $13,500 per annum said legal and regulatory clarity are major concerns that hold them back from investing in digital currencies.
The survey, titled the “Mood of the Nation 2020” survey collated responses from over 11,000 respondents, with the vast majority of them belonging to the age group of 25-35. Of the respondents, 53% were crypto investors while 47% were non-crypto investors.
According to the survey, 78% of investors in crypto have also invested in mutual funds earlier, while 22% of investors in crypto have had no prior investment experience. Close to 63% of respondents from the IT, Finance, and Education sector (except for banking) opined that cryptocurrency is a good asset class to invest in.
A report by MINT notes about the survey:
“This survey is an important benchmark in the Indian crypto discourse. It highlights the requirements of options for investing in crypto on one side and also emphasises on the requirement of smart regulation in the country. It is clear from the report that, while outwardly India is set to become the next global player on the international scene, it is extremely important that smart and sensible regulations become a part of the discourse.”
Indians Like Crypto, But Awareness a Major Concern
The survey further takes responses based on the educational qualifications of the respondents.
According to the survey, close to 72% of graduates felt a lack of knowledge and awareness was their biggest challenge in entering crypto. Notably, about 73% of the respondents opined that they see crypto as an alternate investment class, while 67% of post-graduates dubbed crypto as a new asset class and a good investment option.
As reported earlier this year, the Supreme Court of India quashed the Reserve Bank of India’s draconian ban on commercial cryptocurrency services in India. Following the reversal, reports emerged stating that crypto trading was booming in India.
On a recent note, BTCManager reported that Indian IT giant, TCS was mulling launching ‘Quartz Smart Solution for Crypto Services’ to enable institutional investors to diversify their portfolio into cryptocurrencies.