More than a third of urban Indians oppose the upcoming Cryptocurrency Bill
January 5th, 2022, Sonika Choubey

More than a third of urban Indians oppose the upcoming Cryptocurrency Bill

Current crypto owners are more likely to oppose the bill as compared to non-owners

As the government readies a bill on cryptocurrencies, YouGov’s latest data shows more than a third of urban Indians (36%) are not in favour of this move. Just as many (35%) are unsure while three in ten (29%) support this decision.

The bill that is yet to receive the cabinet’s nod, has already swept India’s digital currency market by a wave of nervousness and confusion. Currently, only a third of urban Indians claim to own a cryptocurrency (33%) while the majority (67%) do not. Data shows that opposition towards the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” is higher among those who own crypto compared to those who do not (52% vs 28%).

Among crypto investors, the biggest concern around the bill is about cryptos being heavily taxed (27%) as well as a ban on private currencies they have invested in (26%). Some (23%) fear losing their invested money and just one in ten (10%) are happy about the crypto market being finally legalised.

Thinking about their future investments, more than half (51%) of current crypto owners said they will wait for the market to stabilize before taking a decision. Half of this proportion (26%) will continue or increase their investments in crypto. One in six (16%) said they will stop investing and sell their digital money, while a few plan to switch to other investment tools (4%).

Among those optimistic about cryptocurrencies, three in five (60%) think digital currency has a bright future and early adoption of cryptocurrency will help them gain an advantage. Many think it is a good long-term investment (45%) while others just want to diversify their portfolio (35%).

Along with seeking to regulate the crypto market in India, the bill also aims to create an official digital currency to be issued by the RBI. This news is welcomed by urban Indians and a majority (61%) said they are likely to invest in digital currency if it is launched by RBI, showing that people are not averse to the idea of investing in digital currency as long as it is legitimate. Only 11% said they are unlikely to invest in RBI-issued digital coins, while 27% still have not made up their mind.

Data was collected online by YouGov Omnibus among 1225 respondents in the country between Nov 30th- Dec 7th, 2021 using YouGov’s panel of over 15 million people worldwide. Data is representative of the adult online population in the country.