After the Parliament in India that ended on December 23, 2021, it remains a mystery when the new Indian crypto regulations will be announced.
As Indians await clarity on the cryptocurrency law that will be reviewed in the winter session of Parliament, Deloitte and the Times of India have explored the impact of the regulation on Indians’ crypto-related decisions.
It turns out that 55.2% of respondents will invest in crypto regardless of regulation. If there is greater clarity in the regulator, 26.8% will join them, while 77.4% will join taxed systems such as securities trading. Many Indian investors are looking forward to seeing if the upcoming Parliamentary Budget Session includes new crypto regulations.
49% Want Knowledge to Invest in Cryptocurrencies
Sidharth Sogani, the founder of India-based crypto-focused market research firm CREBACO, stated that the Indian Cabinet has not yet approved any bills, and that clarity on crypto taxation will be provided in the 2022 budget.
It turns out that almost 49% of the 1,800 respondents to the survey would like to learn more about crypto to invest, while 39% of those surveyed have a good understanding of crypto.
Indians Confused, According to Crypto Surveys in India
Another survey by YouGov showed that a third of urban Indians do not support the crypto bill, while 52% of crypto holders oppose it. The survey revealed that one-third of Indians own cryptocurrency. The concerns of Indians about the bill, how it will be taxed, and the potential to ban all cryptocurrencies have had an impact.
A survey by Grant Thornton Bharat showed that most citizens think the government should regulate the cryptocurrency space. 79% believe both crypto and NFTs should be regulated.
According to the survey by the financial services company, citizens of India want the 2022 budget to focus on crypto regulation, green energy, data privacy bill and public creditworthiness initiatives. According to Vivek Iyer of Grant Thornton Bharat, this is a forward-looking request.
India Undecided Against Cryptocurrency Industry
In India, the issue of a cryptocurrency ban and the potential for the Securities and Exchange Board to regulate crypto is currently on the agenda. The finance minister had said that Bitcoin would not be recognized as a currency. The Reserve Bank of India is also developing a Central Bank Digital Currency (CBDC).
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