More than a third of urban Indians oppose the upcoming Cryptocurrency Bill

New Delhi, Jan 5: As the government readies a Bill on cryptocurrencies, YouGov’s latest data shows more than a third of urban Indians (36 per cent) are not in favour of this move.

Just as many (35 per cent) are unsure while three in ten (29 per cent) support this decision.

The Bill that is yet to receive the cabinet’s nod, has already swept India’s digital currency market by a wave of nervousness and confusion. Currently, only a third of urban Indians claim to own a cryptocurrency (33 per cent) while the majority (67 per cent) do not.

Data shows that opposition towards the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” is higher among those who own a crypto compared to those who do not (52 per cent vs 28 per cent).

Among crypto investors, the biggest concern around the Bill is about cryptos being heavily taxed (27 per cent) as well as a ban on private currencies they have invested in (26 per cent). Some (23 per cent) fear losing their invested money and just one is ten (10 per cent) are happy about the crypto market being finally legalised.

Thinking about their future investments, more than half (51 per cent) of current crypto owners said they will wait for the market to stabilise before taking a decision. Half of this proportion (26 per cent) will continue or increase their investments in crypto. One in six (16 per cent) said they will stop investing and sell their digital money, while a few plan to switch to other investment tools (4 per cent).

Among those optimistic about cryptocurrencies, three in five (60 per cent) think digital currency has a bright future and an early adoption of cryptocurrency will help them gain an advantage. Many think it is a good long-term investment (45 per cent) while others just want to diversify their portfolio (35 per cent).

Along with seeking to regulate the crypto market in India, the Bill also aims to create an official digital currency to be issued by the RBI. This news is welcomed by urban Indians and a majority (61 per cent) said they are likely to invest in digital currency if it is launched by RBI, showing that people are not averse to the idea of investing in digital currency as long as it is legitimate. Only 11 per cent said they are unlikely to invest in RBI issued digital coins, while 27 per cent still have not made up their mind.

Data was collected online by YouGov Omnibus among 1,225 respondents in the country between November 30th-December 7th, 2021 using YouGov’s panel of over 15 million people worldwide. Data is representative of the adult online population in the country.