It remains a mystery when new Indian crypto regulations will be revealed following the winter session of Parliament, which ended on Dec 23, 2021.
As Indians await clarity on the cryptocurrency bill that was going to be reviewed in the winter session of Parliament, Deloitte and the Times of India newspaper surveyed the impact of regulations on Indians’ crypto-related decisions.
It turns out that 55.2% of survey respondents will invest in crypto regardless of regulation. Another 26.8% will join them should there be greater regulatory clarity, while 77.4% vote in favor of crypto being taxed like securities trades. Many investors are eagerly waiting to see whether the upcoming Budget Session of Parliament will contain new crypto regulations. Income tax laws have always looked to tax any income, regardless of how it was earned.
CREBACO founder Sidharth Sogani is not optimistic that a crypto bill would surface during the Budget Session of Parliament. He says that the Indian Cabinet has not approved any bills yet. Sogani opined that clarity regarding crypto taxation would be forthcoming in the upcoming budget of 2022.
Almost 49% of the 1800 respondents surveyed said they would like to learn more about crypto to invest, while 39% of respondents understand crypto well.
Surveys reveal mixed findings
Another survey done by YouGov indicates that a third of urban Indians do not support the bill, while the bill is opposed by 52% of those who hold crypto. The survey found that one-third of Indians own cryptocurrency. Their primary concern regarding the bill is how they will be taxed and the potential of a ban on all private currencies.
A survey by Grant Thornton Bharat indicates that most citizens think that the government should regulate cryptocurrency space. Seventy-nine percent believe that both crypto and NFTs should be regulated.
According to the survey done by the financial services company, Indian citizens want the 2022 budget to focus on crypto regulation, green energy, a data privacy bill, and public credit registry initiatives. According to Vivek Iyer of Grant Thornton Bharat, this shows an appetite for “forward-looking” issues.
India’s ambivalence toward crypto
There has been talk in India of a total cryptocurrency ban and then the potential for the Securities and Exchange Board to regulate crypto. The finance minister said that bitcoin would not be recognized as a currency. The Reserve Bank of India is also developing a Central Bank Digital Currency.
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