In Brief:
- According to a Localcircles survey, 54% of Indians don’t want crypto to be legalized.
- The majority wants to tax crypto like a digital asset owned in a foreign country.
- The survey was held across 342 districts and had 29,342 participants.
According to a recent survey performed by LocalCircles, more than half of those surveyed in India oppose the legalization of crypto.
As stated in the Bloomberg report, 54 percent of respondents do not want the government to legalize cryptocurrencies, but rather tax them like a digital asset owned in a foreign country.Â
The results were based on a survey conducted across 342 districts in the last 15 days and had 29,352 participants.
Only 26% of respondents polled agreed that cryptocurrencies should be authorized and taxed in India, while the remaining 20% were uncertain.
One out of every three advertisements during the recent T-20 cricket world cup was for cryptocurrencies, with platforms and exchanges attempting to attract viewers.
In this context, 74% of respondents stated that bitcoin marketing does not effectively highlight the risks involved.
The citizens were then asked how effective current cryptocurrency commercials are at highlighting the risks involved.
According to the results, 52% claimed they did it “totally ineffectively,” 22% said “quite ineffectively,” and 6% said, “somewhat effectively.”
Only 5% of citizens thought bitcoin commercials properly highlighted the hazards involved, while 15% had no opinion.
5% of respondents want bitcoin platform marketing to continue as of now, while 76% want them to be put on pause until regulations are in place.
According to the poll, 87% of Indian families have no one trading or investing in cryptocurrencies.
Nonetheless, the government is considering introducing legislation in Parliament to regulate all private cryptocurrencies. The bill, which will establish principles to regulate digital currencies, will be introduced during Parliament’s winter session.
In addition, the bill intends to ban all private cryptocurrencies in India. It does, however, allow for some exceptions in order to promote cryptocurrency’s underlying technology and applications.
Sachin Taparia, chief executive officer of LocalCircle, stated “While many Indian citizens have invested in cryptocurrencies, the absence of a robust framework leaves investors open to high risks. This is confirmed by the study findings as 71 percent of the study respondents have low or zero trust in the same.”
