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Cryptocurrency bill opposed by more than a third of urban Indians

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According to data collected by market researcher YouGov on the Indian cryptocurrency bill, more than a third (36%) of urban Indians oppose the Government’s plan to regulate crypto assets.

It has come to light that among the opposers the rate of people who own a digital asset is higher than that of those who don’t. As per the survey, approximately the ratio is around 52% to 28%.

Among the opposers of the bill, of the crypto investors, 27% of the distress over the bill is about the expensive taxation policy and around 26% of total worry about the ban on other private currencies that they have invested in so far. Some of them (23%) are scared of losing their investments in the assets; only 1 in 10 are glad about the legalization of the crypto market.

This Bill that is yet to get a nod from the Indian government, has been constantly receiving a lot of indecisiveness from its people, it almost leaves its people disoriented and agitated.

Indians’ cryptocurrency investments to stall until market stabilization

With so many frivolous opinions among the holders, further investments seem like a very unlikely move. When surveyed about future investments, more than half (51%) of the present asset holders have said that they will hold their further plans of investing in crypto until the market stabilizes.

One in six people has affirmed to stop investing and instead sell their digital assets, while a few others (4%) have decided to move on to other investment tools. While the majority of them (26%) have decided to stay optimistic and continue or increase their stakes in crypto.

Furthermore, among the optimistic bunch, three in five (60%) believe in an elite forthcoming of Cryptocurrency and think a faster adoption of the asset will put them at advantage. Nearly 45% of the bunch conceive it to be a favorable long-term investment, but others (35%) are willing to expand their investments.

With so many events and data coming to light, the anticipation of the ‘Indian Cryptocurrency Bill’ makes it all the more analytical and inquisitive. The bill is set to be up for discussion in the next session of the Indian parliament, ideally around late January or early February of 2022.

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