India’s crypto-survey: Many to invest in the asset class, but only after regulatory clarity
2021 came and went without India getting the much awaited crypto-regulation bill. Now, however, many are hoping that the Budget will provide more details about how the Indian government authorities will tax crypto-assets.
A survey by the national Indian newspaper Times of India and commercial services company Deloitte revealed more about how regulations impact Indians’ crypto-decisions.
India feeling bullish?
There are two main takeaways for readers. First of all, out of 1,800 respondents, around 55.2% plan to go on investing in crypto while another 26.8% will join them if there’s more regulatory clarity. Next, it’s important to note that 77.4% of respondents want crypto-investments to be taxed like securities trades and/or investments.
What definitely seems like a bullish sign, however, is that less than 10% of survey respondents want a crypto ban. Around 62% of participants called for clearer guidelines while approximately 30% want crypto to get a popularity boost.
That said, most investors are not aware of the tax rules that apply to crypto.
Not yet a ‘Jai Ho’ moment
More than just a few investors are waiting to see whether India’s upcoming Budget includes new crypto-regulations. However, crypto and blockchain project monitor CREBACO’s founder Sidharth Sogani did not think a crypto bill would make an appearance around 1 February.
Speaking to AMBCrypto, Sogani noted that the Indian Cabinet is yet to approve any bills, which means there’s little chance of a crypto-bill reaching the Parliament soon.
Despite that, Sogani suggested the government might clear up confusion relating to taxes, and this might include instructions regarding crypto-investments.
All in all, the Indian government appears to be playing it close to the chest when it comes to crypto-regulations, and taking a slow-paced approach to introducing legislation.
On the flip side, the Reserve Bank of India is actively involved in developing two CBDCs. It is also studying the security conditions for the issuance of the same.
Put your hands up for the crypto-bill
While the Times of India x Deloitte survey found that Indian investors are bullish about crypto-investments and regulations, this is slightly at odds with another survey.
The results of a YouGov survey with 1,225 people reported,
“Data shows that opposition towards the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” is higher among those who own crypto compared to those who do not (52% vs 28%).”
For a more nuanced analysis, the Indian government will first need to produce its crypto-bill.