While the conversation around cryptocurrencies and the way forward continues to persist, the nation appears to have made up its mind. In the 2022 edition of the India Today-CVoter biannual Mood of the Nation (MOTN) poll, a significant number of respondents said that they want the government to ban cryptocurrencies.
When asked if they want cryptocurrencies to be banned, 38.1 per cent of respondents answered in the affirmative. Only 27.6 per cent responded that the government should not ban cryptocurrencies.
However, another significant portion of the respondents - 34.3 per cent - said that they were unaware of the issue or did not have a strong view. This indicates that of the polled, only 65.7 per cent were aware or had any opinion on the matter, out of which the majority - 57.9 per cent - were in favour of a ban on cryptocurrencies.
The result comes amid reports of a likely cryptocurrency bill. While many were expecting the proposed cryptocurrency bill soon, recent reports state that it is unlikely to be introduced in the Budget session of the Parliament.
The cryptocurrency bill, to regularise the crypto industry, was expected in the Winter session of the Parliament, but was eventually given a miss. Once the bill is brought, it is likely to be referred to the parliamentary standing committee for wider deliberations with stakeholders.
The bill seeks 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 seeks to prohibit 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. While some told Business Today that they would wait for the full contents of the bill, some said the government might be pushing for its own cryptocurrency or Central Bank Digital Currencies (CBDCs).
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