As India wants to outlaw most cryptos in a new Bill, 71 % have little or no trust

A survey by LocalCircles indicated that Indians now have low levels of faith in international cryptocurrencies, as the government prepares to introduce a Bill to ban all private cryptocurrencies in India.

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is set to be introduced in the Lok Sabha during the winter session, which starts on November 29, as the government seeks to prohibit most private cryptocurrencies in India.

LocalCircles is a community social media network that also serves as a pollster on matters of governance, public policy, and consumer interest. According to the poll, 51% of Indians want India to launch its own digital currency, 54% want the government to legalise cryptocurrencies but tax them as a digital asset kept abroad, and 26% believe they should be legalised and taxed in India.

According to the survey, 71% of Indians have little or no faith in cryptocurrencies, whereas 1% have a high level of trust.

"In response, only 1% said they have a "high" trust in cryptocurrency. 12% said they have an "average" trust, and 22% said it is "low". 49% of Indians studied said they have "zero or do not trust at all". 16% did not have an opinion. On an aggregate basis, 71% of Indians studied have low or zero trust in cryptocurrencies while 1% have high trust. This question in the study received 9,174 responses," LocalCircles report added.

More than 56,000 residents from 342 districts across India responded to the LocalCircles research. Men made up 66 percent of the responders, while women made up 34 percent. Tier 1 had 42 percent of the respondents, tier 2 had 33 percent, and tier 3, 4, and rural districts had 25 percent of the respondents.

According to the report, 87 percent of Indian families have no one who trades or invests in cryptocurrencies.

"On an aggregate basis, 87% of Indian families do not have anyone trading or investing in cryptocurrencies. This question in the study received 10,117 responses," said LocalCircles study.

74 percent of Indians say bitcoin marketing do not adequately highlight the hazards involved. Only 5% of Indians want bitcoin platform marketing to continue as present, while 76% want them to be put on pause until regulations are in place.

LocalCircles also stated that it will share the study's findings with key stakeholders in the Central Government, the Reserve Bank of India, and all Members of Parliament in the coming weeks as the "Cryptocurrency and Regulation of Official Digital Currency Bill 2021" is taken up for debate and approval in parliament.