Poll: People want government to ban cryptocurrencies

The nation appears to have made up its mind while the conversation about cryptocurrencies continues to go on. A large number of respondents said that they want the government to ban cryptocurrencies in the 2022 edition of the India Today-CVoter biannual Mood of the Nation MOTN poll.

When asked if they want cryptocurrencies to be banned, 38.1 per cent of respondents answered in the affirmative. Only 27.6 per cent said that the government should not ban cryptocurrencies.

Another significant portion of the respondents - 34.3 per cent - said they were unaware of the issue or did not have a strong view. Of the polled, only 65.7 per cent were aware of the matter, and 57.9 per cent of which are in favor of a ban on cryptocurrencies.

There is a possibility of a bill for cryptocurrencies. While many people were expecting the bill to be introduced soon, recent reports state that it is unlikely that it will be introduced in the budget session of the Parliament.

The bill to regulate the industry was expected to be introduced in the Winter session of the Parliament, but was given a miss. Once the bill is brought, it is likely to be referred to the parliamentary standing committee for further deliberations with stakeholders.

The bill is intended to create a facilitative framework for the creation of the official digital currency, to be issued by the Reserve Bank of India, as per the listing on the government's legislative business of the Winter session. The bill wants to ban private cryptocurrencies in the country, with certain exceptions.

Soon after the government proposed to present the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021'' in the Winter session, many in the industry stated that the term 'private cryptocurrencies' makes it unclear. Some told Business Today that they would wait for the full contents of the bill, but others said the government might be pushing for its own criptocurrencies or Central Bank Digital Currencies (Cryptocurrencies)Css, orCryptocurrencies.