Rural Indians More Keen To Accept Cryptocurrencies Than Urban Dwellers As Awareness Grows Amongst Citizens: Aroscop

The latest Aroscop report revealed that 52 percent of respondents believe that the tax rate should be less than 30 percent on crypto trading.

Crypto is slowly seeing a growth in awareness among Indians.

Source : Getty

Bengaluru: Aroscop recently published its latest report on “Awareness & Perception of Cryptocurrencies in India.” The report analyses responses from individuals from across the nation and cuts across different demographics.

The report investigates how citizens perceive cryptocurrencies and their outlook toward trading in digital currencies. The study also tries to reflect on how people see the new tax policies on the digital currencies in the country.

The study brings forward significant variations in overall awareness, acceptance, and perception of the digital currencies amongst different demographic and geographic segments in India.

Here are some key insights from the report:

• Two in three respondents were not aware of cryptocurrencies.
• More than a third (35 percent) of the respondents plan to invest more in digital currencies this year compared to 2021.
• GenZ respondents show a higher inclination towards making crypto legal in India and have more investors compared to other age groups.
• 41 percent of respondents believe cryptocurrencies have become the preferred choice of investment.

A higher acceptance towards cryptocurrencies was seen in the age bracket of 18-24 years, where 31 percent of the respondents, who are aware of the digital currencies, say that they have traded in cryptocurrencies in the past. This segment is more inclined towards having crypto legalized in the country.

Looking at the zonal data, the respondents from South India are the keenest on the legalisation of cryptocurrencies and are more aware of crypto than the rest of the country. Of the population who are aware of cryptocurrencies, 47 percent from the eastern states have invested in crypto, while only 11 percent from the western zone did the same.

Interestingly, rural India seems to accept digital currencies more than urban dwellers. 66 percent of the respondents from rural areas want trading in cryptocurrencies to be legal in the country, compared to 52 percent in urban areas.

At the same time, a quarter of the respondents from rural India wanted crypto to be banned.

Talking about the current taxation on crypto gains, 52 percent of the respondents believe that the tax rate should be less than 30 percent on crypto trading.

The study leveraged Aroscop’s digital consumer insights tools Ask1, segmenter, and audience builder tools. Ask1 is specifically designed to identify micro-cohorts of users with certain behaviours and ask them questions using ultra-specific interactive creatives, delivered over the programmatic platform. To generate a detailed persona, the segmenter and audience builder tie the responses back to individual users.

Major brands from multiple industry segments are using the solution suite to find answers to questions that would have otherwise been hard to gather due to the nature of the questions or the elusive audience cohorts being hard to approach.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)