Despite the unprecedented huge growth that cryptocurrencies have experienced in the last year, they are, as you know, still countries that do not recognize cryptocurrencies at all and are even banned in some countries. India has also been hostile to cryptocurrencies almost from the outset, with a relatively large survey conducted by LocalCircles recently, but with very surprising results. As many as 54% of respondents said they did not favor legalizing cryptocurrencies in the country and would instead treat them as digital assets held overseas. More than 56,000 respondents took part in this survey, and we received very interesting answers.
“Overall, more than twice as many people want cryptocurrencies to not be legalised in India from a regulatory standpoint,” the report said.
As many as 71% of respondents said they had little or no confidence in cryptocurrencies, with as many as 87% saying that Indian families had no one around them who traded or invested in cryptocurrencies in that country. The report goes on to say that at the recent T-20 Cricket World Cup, there was one in three cryptocurrency advertising, with platforms and exchanges trying to attract viewers, followed by another point where up to 74% of respondents said crypto ads did not address risks with associated in a sufficiently effective manner. The Indian government also tabled a bill in parliament on Tuesday banning all private cryptocurrencies, with some exceptions, to create space for the country’s official digital currency to be issued by the Reserve Bank of India.