71% of Indians have little or no confidence in cryptocurrencies

MUMBAI: Eighty-one per cent of Indians have little or no confidence in cryptocurrencies, with only 1 per cent having high confidence, while a recent survey found that 51 per cent of Indians want to have their own digital currency.

In a survey conducted by a private firm, 5 per cent of respondents said the government should not legalize cryptocurrencies but suggested that the tax should be levied the way digital assets are taxed abroad.

3% of people demanded that legal currencies be taxed in India. The survey, conducted from November 8 to 9 in six districts of the country, was attended by more than 3,000 people.

The survey was conducted amid widespread debate in the country over cryptocurrency trading. However the government has decided not to allow private cryptocurrencies. Nine percent of those surveyed said their family members did not invest or trade in cryptocurrencies.

When asked about the reliability of cryptocurrencies, 1% said they had high confidence in it, 19% said it was rising, 5% said it was low and 5% said they had no confidence at all. According to the survey report, 61% of the respondents said they had low or no confidence at all.

Advertising of various cryptocurrencies and exchanges also did not highlight the risks involved in cryptocurrencies.