What do Indian feel about Cryptocurrencies

Local Circle a social media platform for communities to interact on topics concerning governance and urban life, conducted a study to asses what the country opines on the need to regulate the cryptocurrency ecosystem. This study is a precursor to "The Cryptocurrency and Regulation of Official Digital Currency Bill 2021" that is due to be discussed in the winter session of the Indian parliament.

The key finding of the study is that Indians currently have low levels of trust in international cryptocurrencies. Over 1 in 2 Indians do not want cryptocurrencies legalised in India but for RBI to roll out India’s own digital currency; 76% want cryptocurrency ads to be put on hold

The finding of the study : · 71% Indians have low or zero trust in cryptocurrencies while 1% have high trust

· 54% Indians do not want Government to legalise cryptocurrencies but tax them like a digital asset held abroad; 26% say they should be legalised and then taxed in India

· 5% Indians in favour of continuing cryptocurrency platform advertisements as is; 76% want advertising to be on hold till regulations are ready

· 74% Indians believe cryptocurrency advertisements are not highlighting the risks involved in an effective manner

· 51% Indians support India rolling out its own digital currency/cryptocurrency which is managed by the RBI; 26% against the same

· 87% Indian families do not have anyone trading or investing in cryptocurrencies

More on the study : https://www.localcircles.com/a/press/page/cryptocurrency-survey

Our Take

The should not put a blanket ban on cryptocurrency, but should enforce certain regulations for protection of its citizens.