Indian crypto investors criticize government ambiguity

A third of India’s 115 million crypto investors are worried that the government may choose to act high-handedly against cryptocurrencies, according to a new survey by KuCoin.

The country’s central bank, the Reserve Bank of India, has both promised to regulate the industry and ban it outright.

The lack of direction has been poorly received by India’s crypto investors, most of whom are aged between 18 and 60.

Some 33% are genuinely concerned that this ambiguous government stance is hurting not only potential new investors, but their own holdings.

Around 23% said that they were also worried about losing their funds in a security event, with another 26% also worried about hacks and exploits. The survey found that lack of clarity deterred the further development of the industry.

More than half (54%) of respondents believed that cryptocurrency assets can provide investors with a better return on their investment that traditional investments.

Meanwhile, 39% of all cryptocurrency investors are under the age of 30, giving hope that the sector is going to remain dominated by Millennial and Generation Z investors.

However, confusion persists as not all investors are completely aware about the products they invest in, and specifically what they stand for – some 41% are not sure, the report found out.

Another 37% said that it was hard to manage a portfolio and calculate risk as the volatility of the market is often a danger. Another 21% said that they had very little understanding of the technology behind cryptocurrencies.

In the meantime, if you do not seek to invest in crypto but only play recreationally, we recommend heading over to 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 08/24/2022 — 18:00