According to a recent survey of 9,174 Indians conducted by the community-based digital platform LocalCircles, 49% of respondents have zero faith in cryptocurrencies, Business Today reports. For comparison, only 1% of them have high confidence in the new asset class, which shows that ardent supporters of cryptocurrencies are an extremely small minority in the country. 87% of respondents have no family members who have invested in cryptocurrencies. The vast majority of Indians (76%) are in favor of banning cryptocurrency advertising. The government is now mulling the imposition of a ban on misleading ads that promise large returns and fail to highlight asset class risks.
India is also on track to ban virtually all private cryptocurrencies during its winter parliamentary session, but the most recent reports suggest the government could take a more subtle approach to regulation, tightening crypto rules instead of banning cryptocurrencies.