According to a recent survey conducted by LocalCircles, around 71% of Indians have little or zero faith in cryptocurrencies. The survey said that 54% do not want the government to legalize cryptocurrencies, but want them to be taxed at par with digital assets held abroad.
The community social network said the survey results were based on responses from 56,000 citizens received over the past 15 days from 342 districts in India.
The Center is planning to introduce a bill to regulate cryptocurrencies and ban all private cryptocurrencies in the winter session of Parliament beginning November 29. The Bill seeks to create a facilitating framework for the creation of an official digital currency to be issued by the Reserve Bank. of India (RBI).
According to the survey, 87% of respondents’ households do not own any trading or investment in cryptocurrencies and 54% do not want the government to legalize cryptocurrencies but tax them like digital assets held abroad. “Around 26% say they should be legalized and then taxed in India,” LocalCircle said in a release. “The study also found that 51% of the respondents support India to launch its own digital currency which is managed by RBI while 26% are against it. This indicates that Central Bank Digital Currency (CBDC) Will be a more reliable investment.”
Sachin said, “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 finalised. ” Taparia, Founder, LocalCircles.
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