- CoinDCX exchange recently decided to conduct a survey among Indian crypto users.
- The survey uncovered many interesting facts about the local crypto community and their views on crypto.
- The troubling fact is that the majority of them believe there is no easy way of accessing digital currencies.
Earlier this year, the Indian Supreme Court decided to overturn the anti-crypto ban imposed on financial institutions by the country’s central bank. However, according to the recent survey by India’s CoinDCX exchange, this did not help Indians get into crypto.
Indians See no Easy way of Going Crypto
The majority of Indian investors have complained that there is still no easy way for people in India to get exposure to crypto-assets. CoinDCX survey found that as many as 56% of participants below the age of 40 believe that there are no easy ways of entering the markets.
The same is true by as much as 60% of those who earn below 500,000 Rupees ($6,700) annually.
The lack of legal and regulatory clarity was also listed as a major problem, and a serious barrier for those willing to enter the crypto sector. That includes 23% of real estate investors, 22% of those older than 40 years of age, as well as 32% of undergraduates.
Even graduates and those between the ages of 20 and 30 noted that education and knowledge are the biggest challenges to cryptocurrency adoption.
What else did the Survey Discover?
The survey, which questioned 11,300 participants, also found that 40% of the country’s crypto investors come from finance, IT, or education. In other words, they are all from the worlds of technology and finance, and likely already have some sort of knowledge that would make using crypto easier for them, while the majority of the population doesn’t have the same advantage.
There were also 12% of those from the banking industry. Interestingly, 22% of these respondents agree that cryptocurrencies offer a strong alternative investment.
Other findings include that 12% of respondents are self-employed, 8% are students, while almost two-thirds of all respondents were workers on salaries. Also, while the number of students is low, it was also noted that 87% of the current crypto users are university graduates.
Less than 1% of graduates were willing to write off cryptocurrencies entirely and say that they have no real use cases. The percentage is somewhat higher — 5% — among the unemployed, retired, and homemaker participants.
