Deloitte Crypto Survey: 82% of Indians Plan to Invest in Crypto Once Regulated
Results published from a recent survey of conducted by Deloitte and the Times of India, show that an overwhelming majority of 82% of Indians have plans to invest in cryptocurrency. That is, should the government decide on the status of cryptocurrencies in the country.
According to the report, about 20 million people in India have invested in cryptocurrency.
Of the 1,800 respondents, over half (55.2%) said they are invested in cryptocurrencies and will continue to do so. Another 26.8% said although they have not done so yet, they are are willing to invest in crypto once the government provides more clarity regarding cryptocurrency regulation in the country.
A small portion remains skeptical, nevertheless. 10.3% of respondents said they will avoid investing in crypto in the future, having done so in the past. The 7.8% that is left said to oppose investing in crypto.
When asked about their knowledge of cryptocurrency, 48.5% of participants said they would like to learn more about investing in crypto and 12.5% said they are not at all familiar with it. 39% of respondents said they have a very good understand in of crypto assets,
The importance of crypto regulation in India is obvious with more 62% of those questions requesting the Indian government to issue clear guidelines on the asset class and another 30% expressly wanting measures to be adopted to make crypto more popular. Only 10% is in favor of a ban on crypto in the country.
Saraswathi Kasturirangan, a partner at Deloitte, said:
Investments in cryptocurrencies have witnessed a sharp growth in India; however, the crypto industry has long been awaiting the cryptocurrency bill to be passed detailing the regulatory compliances surrounding cryptocurrencies and the taxability under direct and indirect tax laws.
He added:
“Currently, there are no specific provisions on taxability of gains made from cryptocurrency in India and hence there are open issues. The government should come up with specific provisions with detailed rules on taxation of cryptocurrency covering the above open issues.”
The Indian crypto community will have to remain patience a little longer, as the government recently postponed the consideration of the cryptocurrency bill in the upcoming session of Parliament.
During the Indian budget speech earlier this week, Indian Finance Minister Nirmala Sitharaman did however provide a touch of clarity as she announced the government plans to impose a 30% tax on any income from the transfer of virtual digital assets.
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Source: igaming
