Monitor News Bureau
New Delhi: A new survey has revealed that the majority of people are against legalizing cryptocurrencies in India.
In its recent survey, LocalCircles has revealed that 54% of people want the government not to legalize cryptocurrencies. These findings were based on a survey of 56,000 people in the last 15 days.
Only 26% of those polled said cryptocurrencies should be legalized and then taxed in India while the remaining 20% didn’t have a view, it said.
News of the government preparing a bill to regulate digital coins had sparked a sell-off on exchanges popular with Indian investors. While the contents of the bill haven’t been finalized, a proposal to prohibit all private cryptocurrencies in India has been included.
“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% of the study respondents have low or zero trust in the same,” said Sachin Taparia, chief executive officer at LocalCircles.
Taparia said advertisements on cryptocurrencies, platforms, and exchanges do not adequately highlight the risks. The survey showed 76% wanted advertising to be on hold until regulations were ready.
Reserve Bank Governor Shaktikanta Das has previously said that even though the value of transactions in virtual coins has gone up, about 70%-80% of the accounts have a balance of less than 2,000 rupees.
