New Delhi: The latest survey conducted by the private survey agency LocalCircle on Wednesday said that “Over half of the people surveyed in India are against legalizing cryptocurrencies, but instead to tax them like a digital asset held in a foreign country.
The central government is mulling to move a Bill in Parliament regulating all private cryptocurrencies. The Bill, which is aimed at creating guidelines to regulate digital currencies, will be produced during the winter session of Parliament.
Sachin Taparia, chief executive officer, LocalCircles said that 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 percent of the study respondents have low or zero trust in the same.
Reserve Bank of India Governor Shaktikanta Das had issued warnings on trading in digital currencies. Das said that debate and discussions were needed before the formal introduction of cryptocurrencies in India.
The price of all crypto coins prices has plummeted as the news arrived in the market that government plans to ban several digital currencies in India. The fall in prices of cryptocurrencies was between 10-20 percent.
The regulators have expressed apprehensions about these digital currencies for a long, there is no regulation or any ban on the use of cryptocurrencies in the country presently. Last week, in a meeting with all stakeholders, the Standing Committee on Finance said that “cryptocurrencies should not be banned, but it should be regulated.
(_Vinayak)
