82% of Indians Planning to Invest their Funds in Crypto as Soon as Regulations are Clarified

According to a Deloitte survey taken recently, 82 percent of Indians plan to invest in cryptocurrency if the government clarifies the legislation of crypto assets. Furthermore, 77.4 percent of respondents believe that cryptocurrencies should be recognized as a security.

A poll on bitcoin investing was recently done by professional solutions firm Deloitte and the Times of India. The final results were released on Sunday.

More than 20 million Indians are estimated to have Bitcoin investments. 55.2 percent of 1,800 respondents stated they had invested in cryptocurrencies, and it will continue to do this in the future. A further 26.8% stated they have not yet invested in cryptocurrencies but will do so once the government offers more clarity on the country’s cryptocurrency regulations. Meanwhile, 10.3 percent of respondents stated they have invested in cryptocurrency but will not do so in the future. That balance value 7.8% stated they are not interested in investing in cryptocurrency.

When queried about their understanding of cryptocurrencies, 48.5 percent said they’d like to understand a little about it, 39 percent said they know a lot about it, and 12.5 percent claimed they don’t know anything about it.

Moreover, according to the survey, 77.4 percent of respondents want cryptocurrencies to be treated as a security. Nevertheless, at least 58 percent of those polled were unaware of the tax ramifications of cryptocurrency investments.

Over 62 percent want the government to offer clear instructions on cryptocurrency regulation, whilst 30 percent want steps to increase the popularity of the asset class. On the contrary, 10% want crypto assets outlawed. 

A partner at Deloitte, Saraswathi Kasturirangan, commented:

“Investments in cryptocurrencies have witnessed a sharp growth in India; however, the crypto industry has long been awaiting the cryptocurrency bill to be passed detailing the regulatory compliances surrounding cryptocurrencies and the taxability under direct and indirect tax laws.”

The Indian government has still been functioning on a cryptocurrency bill that was scheduled to be debated during parliament’s winter term, but it was not picked back. The government is reworking the bill.

Indian Prime Minister Narendra Modi urged worldwide cooperation on cryptocurrency earlier in the month. The Reserve Bank of India (RBI) has suggested a total ban on cryptocurrency, stating that a partial prohibition would be ineffective.