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Survey Shows Over 50% Indians Against Crypto Legalization

Survey Shows Over 50% Indians Against Crypto Legalization

According to the survey, 71% of Indians have little or no confidence in cryptocurrencies, with one in every two Indians standing against crypto legalization in the country. 

Survey Shows India Wants CBDC, Not Crypto

The opinion poll, which was conducted by LocalCircles, surveyed 56,000 Indians over the last 15 days. The poll also indicated that around 54% of those surveyed did not want cryptocurrencies to be legalized in the country. Instead, they called for taxing them like digital assets held in a foreign country. In addition, around 51% of those surveyed demanded that the RBI roll out India’s own digital currency. 

According to LocalCircles founder Sachin Taparia, 

“LocalCircle will share the findings of this study with the senior leadership of the Government of India, the RBI leadership, and all Members of Parliament to give due consideration to the public reaction to cryptocurrencies as laws related to it are finalized.” 

Most Indians Against Crypto Ads: Survey

In its release statement, LocalCircle also spoke about the lack of crypto popularity in Indian households, citing that 87% of respondents do not have anyone in their family trading or investing in cryptocurrencies. 

Additionally, 76% of those surveyed want a pause on crypto-related ads on television and other media until a proper regulatory framework exists. Almost 1 in 3 advertisements aired during the recent T20 World Cup tournament were crypto-related. A major portion of this 76% believes that these ads do not highlight the risks involved in crypto investments effectively. 

Proposed Crypto Bill Causes FUD

The state of cryptocurrencies in India is going through its ups and downs. Most recently, “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” was introduced in Parliament for review in the upcoming winter session. If passed, the bill could potentially limit the activity of private cryptocurrencies while promoting the underlying blockchain technology for a government-issued CBDC. 

The survey results like 71% of Indians having zero or low interest in the industry, and only 1% showing high trust in cryptocurrencies, indicate the high level of FUD perpetuated by the proposed Parliament bill. The poll was conducted around the same time that the proposed bill was introduced. It resulted in crypto investors panic selling their stocks, as several exchanges struggled to keep up with the high selling volumes. As a result, most leading cryptocurrencies in the market saw a considerable dip, with BTC dropping below $60k since November 1 and ETH dropping by 0.86%. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.