Not-Many Indians Are Happy With Crypto Bill

As the government prepares a bill on cryptocurrency, YouGov’s most recent survey suggests that more like a third of urban Households (36%) oppose it. Three-fifths of those polled (35%) are undecided, while three-fifths (29%) support the choice. The Bill, which has yet to obtain cabinet approval, has already caused a wave of panic and confusion in India’s digital currency sector. Only a few proportions of urban Indians (33%) say they possess a cryptocurrency, while the majority (67%) say they don’t.

According To The Data…!!

Data suggests that people who possess a cryptocurrency are more opposed to the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” than those who do not (52 per cent vs 28 per cent). The largest worry among crypto investors is that cryptos will be significantly taxed (27%), as well as that private cryptocurrencies they had invested in would be banned (26 per cent). Some (23%) are concerned about losing their investments, while just one in ten (10%) are pleased that the crypto market has now been legalized. Moreover half (51%) of existing crypto owners stated that will linger for the marketplace to stabilize before deciding their future investments. Half of this group (26%) plans to keep or expand their cryptocurrency investments. One-sixth of respondents (16%) indicated they would quit spending and trade their digital currency, while a few others said they would transfer to other investment options (4 per cent).

Three out of five (60%) of those positive about cryptocurrencies believe the cryptocurrency has a promising future and that early adoption will give them an edge. Many people (45%) believe it is an excellent long-term investment, while others just wish to invest their money (35 per cent). Along with attempting to regulate the Indian cryptocurrency sector, the Bill also seeks to establish authorized virtual money to be released by the Reserve Bank of India. The majority of urban Indians (61%) indicated they are prepared to spend in cryptocurrency if it is established by the RBI, which suggests that people aren’t opposed to the notion of investing in innovative money as long as it’s safe. Only 11% of respondents stated they are reluctant to invest in digital currencies produced by the RBI, while 27% are undecided. YouGov Omnibus gathered data online from 1,225 participants in the nation between November 30th and December 7th, 2021, utilizing YouGov’s pool of over 15 million people worldwide.

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