A LocalCircles opinion poll has revealed that a whopping 71% of the Indian population is yet to trust cryptocurrencies. Over 50% are also against the legalization of cryptocurrencies, who are also of the opinion that cryptocurrencies should be taxed by the government similar to other digital assets. 76% feel that cryptocurrency advertisements should be stalled until any regulatory clarity on cryptocurrencies is established. The opinion poll was conducted across the last fortnight and featured the opinions of 56,000 Indian citizens.
The mood of the people reflects the feelings of the government on cryptocurrencies. Recently, the Narendra Modi-led BJP government listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which aims for a complete ban on all private cryptocurrencies. The bill, if passed into law, would also set into motion the creation of an official digital currency by the Reserve Bank of India.
There has been a lot of uncertainty among Indian crypto advocates for the last few years. The government’s stance wasn’t very clear, but at the same time, the cryptocurrency industry saw a lot of developments in the country. However, the bill has brought with it a lot of panic, and that was evident in the hours after the bill was announced through an official government bulletin. The price of Bitcoin and several other cryptocurrencies crashed, but since the initial plummet, they’ve started to bounce back.
The bill is set to be passed in the Indian Parliament’s winter session. However, according to reports across some Indian news publications, crypto exchanges that comply with the government’s rules and regulations may be allowed to function.