CoinDCX, India's largest cryptocurrency exchange, today released a report which highlighted that 60% of the respondents earning below Rs. 5 lakh p.a. found it extremely challenging to invest in crypto owing to lack of easy and seamless options available. On the other side 68% of the respondents earning above Rs. 10 lakh p.a. cited legal and regulatory clarity as a major concern for considering investments in crypto.
The survey received an overwhelming response from more than 11k respondents, majorly belonging to the age group of 25-35. Of the total respondents 53% were crypto investors and 47% were non crypto investors. The "Mood of the Nation" Survey 2020" by CoinDCX aimed to understand the sentiments of India's One Billion strong consumers around cryptocurrency, the technology, and the investment potential of the new and emerging asset class.
The first of its kind national study showcased that 78% of investors in crypto have also invested in mutual funds earlier, 22% of investors in crypto have never invested in any new age investments, whereas 63% of respondents from the IT, Finance & Education sector barring banking felt crypto is a good asset class to invest in. Further only 12% of the respondents from the banking sector felt regulation is the biggest challenge from crypto and stated the reason behind their reluctance to invest in this asset class.
Sumit Gupta, CEO and co-founder of CoinDCX said, "This survey is an important benchmark in the Indian crypto discourse. It highlights the requirements of options for investing in crypto on one side and also emphasises on the requirement of smart regulation in the country. It is clear from the report that, while outwardly India is set to become the next global player on the international scene, it is extremely important that smart and sensible regulations become a part of the discourse."
"Knowing how an average Indian perceives cryptocurrency puts CoinDCX as well as the Indian cryptocurrency community in a position of responsibility to ensure that every single Indian can understand and adopt cryptos, and join this ever growing community" he further added