A recent survey conducted by peer-to-peer Bitcoin marketplace Paxful shows increasing interest in terms of crypto adoption in India. The study of investors aged between 18 and 55 revealed that 75% of them had invested in cryptocurrencies.
Before the Reserve Bank of India (RBI) lifted the crypto ban, Paxful said that trade volume in the P2P marketplace in January exceeded $3 million, taking into account that 93.8% of respondents invested in crypto before the ban.
According to the study results, 78.5% of participants prefer to use crypto for quick and easy money transfers as they believe that the traditional banking system is corrupt. 64.8% of them feel that it is a way to achieve financial freedom.
As per a Cointelegraph report, Paxful’s CEO Ray Youssef, said that the cryptocurrency space in India will see significant growth now that crypto firms can receive banking series in the country.
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.
The CEO also explained that the scaling mobile technology revolution in India had caused an older segment of the population to learn about the crypto market. According to the report, 43.50% of the survey participants look forward to an increase in jobs and entrepreneurial opportunities because of the crypto market.
Commenting on the growing crypto trend, Youssef said:
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.