2021 saw an incredible rise in the use and popularity of cryptocurrencies. India having the second-highest population in the world, sure is a great market with incredible potential to be a large user base for digital currencies.
According to a recent Deloitte survey, 82% of Indians intend to invest in cryptocurrency if the government clarifies the legislation of crypto assets. Furthermore, 77.4 % believe that cryptocurrencies should be recognized as a security.
A poll on crypto investing was recently conducted by professional services firm Deloitte and the Times of India. The final results were released on Sunday.
India’s Cryptocurrency Survey Numbers
55.2% of 1,800 respondents stated they have invested in crypto and will continue to do so in the future. A further 26.8% stated they have not yet invested in crypto but will do so once the government offers more clarity on the country’s cryptocurrency regulations.
Meanwhile, 10.3% of respondents stated they have invested in cryptocurrency but will not do so in the future. The remaining 7.8% stated they are not interested in investing in crypto. According to the estimate, over 20 million Indians have invested in Bitcoin.
When asked about their understanding of cryptocurrencies, 48.5% said they’d like to learn more about it, 39% said they know quite a lot about it, and 12.5% claimed they don’t know anything about it.
Furthermore, 77.4 % want crypto to be treated as a security, according to the survey. However, at least 58 percent of those polled were unaware of the tax ramifications of cryptocurrency investments.
More than 62% want the government to offer clear instructions on cryptocurrency regulation, while 30 percent want steps to increase the popularity of the asset class. 10%, on the other side, want crypto assets outlawed.
So, what is the future of crypto in India?
Saraswathi Kasturirangan, a partner at Deloitte, said that investments in crypto have grown rapidly in India. However, according to her, the crypto industry is long awaiting the passage of a cryptocurrency bill outlining the legal requirements for cryptocurrencies as well as their taxability under direct and indirect tax laws.
The Government of India has just revealed in its Budget 2022 about its plans to launch a digital Rupee, Central Bank Digital Rupee (CBDR). This currency will be built on Blockchain technology. This sure is a step in the right direction, and investors are eagerly waiting on the rollout of this venture.
The Indian government is still working on a cryptocurrency bill that was scheduled to be debated during parliament’s winter session but was not taken up. The bill is apparently being reworked by the government. Indian Prime Minister Narendra Modi called for worldwide cooperation on cryptocurrency earlier this month.