Over 1/3rd urban Indians oppose Crypto Bill

New Delhi: As the government readies a Bill on cryptocurrencies, YouGov's latest data shows more than a third of urban Indians (36 per cent) are not in favour of this move. Just as many (35 per cent) are unsure while three in ten (29 per cent) 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 per cent) while the majority (67 per cent) do not.

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

Besides 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 per cent) 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.