According to the poll, 71% of Indians have little or no faith in cryptocurrencies, with one out of every two Indians opposing cryptocurrency legalization in the country.
Survey Shows India Wants CBDC, Not Crypto
According to a survey conducted by LocalCircles, over the past 15 days, 56,000 Indians were interviewed. The poll also found that 54% of those polled opposed the legalization of cryptocurrencies in the country. Instead of taxing them like digital assets held in a foreign nation, they preferred that they be regulated and taxed as virtual money. In addition, approximately 51% of those polled wanted the RBI to develop India’s own digital currency.
Most Indians Against Crypto Ads: Survey
LocalCircle noted that despite the fact that 87 percent of respondents said they don’t have anyone in their family who trades or invests in cryptocurrencies, crypto popularity is still low among Indians.
Additionally, 76 percent of respondents want television and other media crypto-related ads to be halted until a suitable regulatory framework is put in place. Almost one-third (31%) of the advertising aired during the recent T20 World Cup was linked to cryptocurrencies. These advertisements, according to a major part of this 76%, do not effectively illustrate the dangers involved in cryptocurrency investments.
Proposed Crypto Bill Causes FUD
In India, cryptocurrencies are going through a roller coaster ride. If implemented, the legislation may restrict private cryptocurrency activity while promoting the underlying blockchain technology for a government-issued CBDC.
The poll results, such as 71 percent of Indians having no or little interest in the sector and only 1% expressing trust in cryptocurrencies, suggest that the proposed Parliament bill has generated a lot of FUD. The poll was conducted at about the same time that the proposal was made. On December 6, the Bitcoin futures market was temporarily taken offline due to a high trading volume, resulting in crypto investors dumping their stocks as several exchanges struggled to keep up with the large sales. As a result, the most prominent cryptocurrencies in the market fell substantially, with BTC declining below $60k since November 1 and ETH falling by 0.86 percent.
The Indian Parliament announced late Tuesday that a government bill to prohibit private cryptocurrencies and establish a framework for a central bank-backed digital currency will be presented to the lower house in the following week’s session. Following China’s declaration of bitcoin trading illegal in September, a major emerging economy has now made the same call.
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