A recent survey conducted in India by peer-to-peer Bitcoin marketplace Paxful has found that the country is seeing an increased interest in cryptocurrency.
The survey was carried out in March, to measure residents’ acceptance of cryptocurrency in the country, to predict how well adoption could fare. The respondents’ ages ranged from 18 to 55.
The results of the survey showed that cryptocurrency is a reliable alternative for financial transactions for people in place of traditional banking. It found that more than 75% of the respondents use crypto to transfer funds. Respondents seem to prefer this method over traditional channels as they consider the latter quite crooked.
Furthermore, 93.8% of the participants had money in crypto even before the Supreme Court lifted the ban. Of this number 90% have Bitcoin and 44% have Ether. In general, approximately 67% of the respondents believe that crypto is an important step on the journey to financial freedom.
This gives hope to the future of cryptocurrency in the country as a large percentage of people choose investments in crypto over other options. Paxful CEO Ray Youssef also expressed interest in seeing how Indians will adopt peer-to-peer finance.
In December last year, Paxful and Binance announced a partnership to offer an easy fiat-to-crypto on-ramp.