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A recent survey by Deloitte shows that 82% of Indians plan to invest in cryptocurrency when the government provides more clarity surrounding the regulation of crypto assets. Moreover, 77.4% of respondents want cryptocurrency to be treated as securities. \n Out of 1,800 respondents, 55.2% said they have invested in cryptocurrencies and will continue to do so. A further 26.8% said they have not invested in crypto but are willing to invest once the government provides more clarity regarding cryptocurrency regulation in India. Meanwhile, 10.3% said they have invested in crypto but will avoid investing in this asset class in the future. The remaining 7.8% said that they are against investing in crypto. The report also notes that about 20 million people in India have invested in cryptocurrency.<\/p>\n When asked about their understanding of cryptocurrency, 48.5% of respondents said they would like to learn more about crypto investing, 39% said they understand crypto assets really well, and 12.5% said they are not familiar with the concept at all.<\/p>\n Furthermore, the survey found that 77.4% of respondents want cryptocurrency to be treated as securities. However, at least 58% of investors surveyed were not aware of the tax implications of investing in cryptocurrencies.<\/p>\n Regarding crypto regulation, more than 62% want the government to issue clear guidelines while 30% want measures to be adopted to make the asset class more popular. On the other hand, 10% want crypto assets banned.<\/p>\n Saraswathi Kasturirangan, a partner at Deloitte, commented:\n<\/p>\n 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.<\/p>\n<\/blockquote>\n \nNoting that \u201cCurrently, there are no specific provisions on taxability of gains made from cryptocurrency in India and hence there are open issues,\u201d the Deloitte partner opined: \u201cThe government should come up with specific provisions with detailed rules on taxation of cryptocurrency covering the above open issues.\u201d<\/p>\n The Indian government is still working on a cryptocurrency bill which was listed to be considered in the winter session of parliament but it was not taken up. The government is reportedly reworking the bill<\/a>.<\/p>\n Earlier this month, Indian Prime Minister Narendra Modi called for global collaboration<\/a> on crypto, stating, \u201cWe have to have a similar mindset.\u201d Meanwhile, India\u2019s central bank said that cryptocurrency is prone to fraud<\/a>. The Reserve Bank of India (RBI) has recommended a complete ban<\/a> on crypto, noting that a partial ban will not work.<\/p>\n
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<\/strong>\n<\/p>\nIndian Crypto Survey: 82% Plan to Invest in Crypto Once It Is Regulated<\/h2>\n
\nProfessional services firm Deloitte and the Times of India recently conducted a survey on cryptocurrency investing. The results were published Sunday.<\/p>\n\n