According to a Deloitte study, even amid the uncertainty of cryptocurrency regulation in India, more than half of investors are ready to continue investing in cryptocurrencies.
Analytical company Deloitte, at the request of the Indian newspaper Times of India, conducted a study during which it polled 1,800 respondents from India about their willingness to invest in cryptocurrencies. The Deloitte report says that more than 50% of those surveyed intend to continue investing in cryptocurrencies, 26.8% are ready to invest in digital assets, subject to greater clarity in the regulation of cryptocurrencies. Only 10% do not want to buy cryptocurrencies and agree with their ban.
At the same time, 77.4% of respondents are interested in taxing digital assets in the same way as traditional assets. Over 50% of investors reported being unaware of the tax implications of investing in cryptocurrencies.
Only 10% of respondents were in favor of a complete ban on cryptocurrencies. About 62% of respondents called for the development of clearer rules for regulating the crypto industry, approximately 30% of Indians are interested in greater popularization of crypto assets in the country. More than 48% of respondents want to know more about cryptocurrencies, 39% of respondents are sure that they are well versed in cryptocurrencies, and only 12.5% admitted that they are not familiar with the crypto industry.
Recall that the Ministry of Finance and the Reserve Bank of India (RBI) are now developing a regulatory framework for regulating cryptocurrencies. The bill may be passed in February 2022. In 2021, Chainalysis published a report stating that in India, institutional and large payments accounted for the highest percentage of transactions in India, where institutional large transfers worth over $10 million accounted for 42% of transactions. In 2019, Quartz published a report stating that 9% of India’s richest investors are looking to increase their holdings in cryptocurrencies as fears of an economic slowdown grip the country.
