As per a recent survey of 9,174 Indians conducted by digital community-based platform LocalCircles, 49% of respondents have zero trust in cryptocurrencies, local media outlet Business Today reports.
For comparison, only 1% of them have high trust in the new asset class, which shows that ardent crypto proponents are an extremely slim minority in the country.
Eighty-seven percent of the respondents do not have any family members who have invested in cryptocurrencies.
The overwhelming majority of Indians (76%) are in favor of prohibiting cryptocurrency advertising.
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Alex DovbnyaIndia is also on track to ban virtually all private cryptocurrencies during the winter parliamentary session, but the most recent reports suggest that the government might take a more subtle approach to regulation by tightening crypto rules instead of prohibiting crypto.
Vladislav Sopov
Dan Burgin