What’s Indian Bitcoin [BTC] and other cryptocurrency inverstors’ plans?

Koinex, one of the popular Indian exchanges supporting several cryptocurrencies in its platform recently posted a tweet on its official handle, asking the Indian users their opinions and plans for their crypto-investments.

Koinex posted:

“#Opinion India has taken a stand on digital assets. How about you? Vote, share and RT #readyforloop”

The 4 options given to the users are:

  • HODL
  • Trade Crypto/Crypto
  • Trade Peer-to-Peer
  • Use Stable Coin

A recent hearing was held by the Supreme Court of India regarding the case filed by the Internet and Mobile Association of India [IAMAI] against the Reserve Bank of India [RBI]. RBI was slammed by many for over three months after they imposed a rule that forbids banks under them to have an association with any individual or businesses dealing with cryptocurrencies.

The banks were given three months’ time to wrap their alliances with cryptocurrencies. By 5th July all investors were required to make necessary decisions in order to continue investing as exchanges had to discontinue INR deposits and withdrawals.

Exchanges in India have come up with alternate methods for investors. One of the most popular methods being the introduction of the peer-to-peer trading, wherein, two individuals can interact, without any third-party. The buyer and seller deal on the P2P network directly.

The Koinex’s poll score is as follows:

A majority of the users have chosen to HODL to their investments showing no signs of havoc or chaos due to recent events. 11% of the users chose ‘Trade Crypto/Crypto’. Exchanges such as Unodax has recently added 17 additional crypto-to-crypto trading pairs with their base currencies being Bitcoin, Ethereum and Ripple.

As mentioned earlier, P2P is one of the most popular methods opted by exchanges and 27% of the users chose the same. Another 8% of the users have chosen to use Stable currencies such as Tether for investments.

The upcoming hearing on July 20th by the Supreme Court is much awaited by all cryptocurrency enthusiasts in India.

About the upcoming hearing, the CEO of WazirX in an interview with AMBCrypto says:

“It was reported earlier that the RBI has not made any serious effort to completely study and understand cryptocurrencies before issuing the ban. This representation will help them understand what it is exactly. For all you know RBI will be affirmative after this since it’s difficult to ignore the fact that cryptocurrencies and blockchain are the future of finance and technology.”

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