(Bloomberg) — More than a third of India’s urban dwellers oppose the government’s plan to regulate cryptocurrencies, according to a survey by market researcher YouGov.
Those opposed to regulation cited concerns ranging from heavy taxation to a potential outright ban on non-exchange-traded tokens, the London-based firm said in an emailed statement. Among people who invest in crypto, more than half are against regulation.
India’s burgeoning crypto industry is anxiously awaiting details of a proposed bill that could go as far as banning off-exchange cryptocurrencies. Any draconian clampdown could have far-reaching implications, as the nation of 1.4 billion people has the second-fastest rate of crypto adoption behind Vietnam, according to Chainalysis.
The Cabinet has yet to approve the proposed legislation, people with knowledge of the matter said last month.
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Out of 1,225 respondents in the YouGov survey, 36% don’t want crypto tokens to be regulated, compared with 52% of those who own cryptocurrency. More than half of crypto investors said they’ll hold off on buying or selling until markets stabilize.
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