Over half of Indians oppose the legalization of cryptocurrencies

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As per an opinion poll released on Wednesday, more than half of those polled in India oppose legalizing digital currencies, just as the government suggested legislation to regulate their use and establish an official digital token.

According to pollster LocalCircles, 54 percent of respondents do not want the government to legalize digital currencies but rather tax them as a digital asset owned in a foreign nation. The results were based on a poll of 56,000 persons conducted in the previous 15 days.

As per the report, only 26% of those questioned agreed that digital currencies should be authorized and taxed in India, while the other 20% were undecided.

On Wednesday, news that the government was developing a measure to regulate digital currency spurred a sell-off on exchanges. While the bill’s contents haven’t been completed, it does contain a proposal to ban all private digital currencies in India.

While many Indian citizens have invested in cryptocurrencies, the absence of a robust framework leaves investors open to high risks. This is confirmed by the study findings as 71% of the study respondents have low or zero trust in the same,” stated Sachin Taparia, CEO of LocalCircles.

Advertisements on digital currencies, platforms, and exchanges, according to Taparia, do not appropriately explain the hazards. According to the poll, 76 percent of respondents wanted advertising to be held until rules were in place.

Even if the amount of virtual currency transactions has increased, Reserve Bank Governor Shaktikanta Das earlier said that 70 percent to 80 percent of accounts have a balance of fewer than 2,000 rupees ($27).

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