India: Youth opposing Crypto Bill as investing continues

Namrata Shukla
Source: Pixabay

The cryptocurrency bill in India has not made headway yet, but there have been several speculations about what it entails. Based on the ongoing rumors about the bill, a survey suggested more than a third of urban Indians did not favor the bill.

India’s youth want Crypto

YouGov Omnibus surveyed 1,225 respondents in the country between 30th November and 7th December 2021. It stated that nearly 36% of the Indians opposed the crypto bill, while 35% were notably unsure. The data added that 29% of Indians supported the bill.

It should be noted that the main opposition to the bill was stemming from those who held crypto [33%].

These statistics play a crucial role in understanding the penetration of crypto in India and the sentiment around it. While the draft bill is yet to receive a nod from the cabinet, the citizens were actively researching crypto investments.

Crypto Bill and investments

This could be visible through data provided by Bobble AI, which analyzed users behavior among India’s top six crypto applications. The apps included WazirX, CoinDCX, CoinSwitch, ZebPay, Unocoin, and Bitbns. The firm noted that between October and November 2021, CoinDCX noted a 45.78% spike in installed users, while Bitbns lead in terms of active users at 41.33%.

It was clear from the findings that the impending draft bill did not affect crypto investments. The youth of India was spurring this shift from investments in real estate and gold to cryptocurrencies.

Meanwhile, the crypto businesses in the country were bracing to onboard more users. Crypto exchanges were already seen spending on marketing as well as education around digital assets. Bitbns lead the way in terms of new users [62.70%] hopping onto its platform, followed by CoinDCX, ZebPay, and WazirX.

Nevertheless, other exchanges like CoinSwitch and Unocoin witnessed a noticeable drop. The Bobble AI report speculated,

” This blow could be temporary and partly be attributed to the news of the Indian government hinting to introduce the Cryptocurrency Bill 2021 to regulate digital currencies.”

Earlier this week, crypto app Cryptowire launched a crypto index in India to monitor the 15 most traded digital assets in the world. Known as IC15, the crypto index will analyze and monitor the performance of individual coins listed on top exchanges in the world. It was also a move towards increasing awareness and knowledge about the field in the country.