71% of Indians have little or zero faith in cryptocurrencies as India seeks to block most crypto in new bill

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New Delhi: As the government prepares to introduce a bill to ban all private cryptocurrencies in India, a survey by LocalCircles has found that Indians currently have a low level of trust in international cryptocurrencies.

NS Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, has been listed for introduction in the Lok Sabha in the winter session beginning November 29, as the government seeks to ban most private cryptocurrencies in India.

LocalCircle is a community social media platform and pollster on issues of governance, public and consumer interest. Study finds 51 percent want India to roll out its own digital currency54 percent of Indians do not want the government to legalize cryptocurrencies but tax them like a digital asset held abroad, while 26 percent say they should be legalized and then taxed in India.

The survey found that 71 percent of Indians have low or zero trust in cryptocurrencies while 1% have high confidence.

“In response, only 1% said they had “high” confidence in cryptocurrencies. 12% said they had “average” trust, and 22% said it was “low.” 49% of Indians studied Said they had “zero or “don’t trust at all”. 16% had no opinion. Overall, 71% of Indians studied have low or zero trust in cryptocurrency while 1% have high trust. The study This question received 9,174 responses in the U.S.,” the LocalCircle report added.

The LocalCircles study found over 56,000 responses from citizens living in 342 districts of India. 66% of the respondents were male while 34% of the respondents were female. 42% respondents were from Tier 1, 33% were from Tier 2 and 25% respondents were from Tier 3, 4 and rural districts.

The study further found that 87% of Indian households do not have anyone trading or investing in cryptocurrencies.

“On an overall basis, 87% of Indian households have no one trading or investing in cryptocurrencies. This question received 10,117 responses in the study,” said the LocalCircle study.

74 percent of Indians believe that cryptocurrency advertising is not effectively highlighting the risks involved. While only 5 percent of Indian cryptocurrency platforms are in favor of continuing ads, 76 percent want ads to be paused until the ads are ready.

LocalCircles said it will share the findings of this study with the central government, the Reserve Bank of India and all Members of Parliament to drive public response to the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” at the forefront. It is taken up for discussion and approval in Parliament in a few weeks.

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