Third Of Indian Urban Residents Oppose The Country's Proposed Cryptocurrency Legislation - Viral Bake
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Third Of Indian Urban Residents Oppose The Country’s Proposed Cryptocurrency Legislation

People who have previously invested in digital assets (52 percent) are opposed to India’s new cryptocurrency law.

According to a recent study, 36 percent of urban Indians do not favour the ‘Cryptocurrency and Regulation of Official Digital Currency Bill 2021’, which the government is currently finalising. An IANS article says that although 36% of urban Indians are opposed to the law, 35% are unclear about it, according to a YouGov poll. Only 29 percent of the population is in favour of the decision.

The measure that had been scheduled for the Winter Session of the Parliament in 2021 was postponed owing to a variety of factors. An Indian investor’s worry and perplexity have already been spread by the law, according to the report However, according to several sources, the Reserve Bank of India plans to develop its own cryptocurrency.

Investors’ Uncertainty Is Growing

According to a poll, individuals who hold the cryptocurrency are more skeptical of the measure. Investors in digital assets are overwhelmingly opposed to the plan, with 52% saying they oppose it. However, over 33% of urban Indians possess cryptocurrencies.

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Only 10% of urban Indians are pleased with the bill’s legalisation, according to a recent poll. Investors are particularly concerned that the government would impose a high tax on digital assets. There is a general consensus among investors that they will hold off on selling their crypto assets until the market stabilizes before doing so. However, 16% of respondents stated they would sell their digital assets and put the money into new tools.

The Belief In The RBI CryptoCurrency

The poll also uncovered a significant truth. Digital money produced by the Reserve Bank of India (RBI) has the support of the majority of citizens. Sixty-one percent of respondents stated they would buy the asset if the RBI introduced its own coin.

The Reserve Bank of India (RBI) has often said that it intends to do so.

One in ten urban Indians stated they would not invest in the RBI’s cryptocurrency.

Varsha

I Varsha Chhirolya having an experience in digital marketing of 5 years, I am an account manager in CREATIVE Ad Agency.

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