52.47% Believe That the Digital Rupee Will Help India’s Economy

Digital currency, popularly known as cryptocurrency, is no longer a new topic. In fact, many countries have started receiving payments in Bitcoin. Similarly, those countries that have not accepted digital currency initially, are now accepting it slowly and gradually in order to boost their economy.

Specifically, India has had a hot and cold relationship with cryptos. Although recently, India’s central bank launching the digital rupee made headlines around the world. In addition, the digital rupee will be launched at the beginning of the next fiscal year. This is great news as Indians like to invest in crypto and the majority are aware of cryptocurrencies.

Accordingly, real research launched a survey on India’s Central Bank launching the Digital Rupee. The survey focused on the central bank digital currency India, and asked respondents about the benefits of digital rupee. Moreover, it focused on drawback of digital rupee according to the respondents. Here are the results.

Highlights

• 13.30% are unsure if the digital rupee will help India’s economy.
• 18.27% voted efficient currency management as a benefit of the digital rupee.
• A whopping 73.95% are in favor of India opening a world-first crypto bank.

83.67% Knows of India’s Central Bank Launching the Digital Rupee

To start, the survey asked respondents if they are aware of the latest news of India’s central bank launching the digital rupee.  A majority of 83.67% said ‘yes’ whereas 16.33%% said ‘no’.

Following this, the survey asked if respondents think the digital rupee will help India’s economy recover. 52.47% said most likely, and 17.81% said somewhat likely. In addition, 14.11% voted neutral, and 13.30% are unsure about it. Also, 2.31% said it is unlikely.

20.60% Fear Hacking Will Make Digital Currency a Failure

Next in the survey, respondents choose the greatest possible benefits of the digital rupee. In order, the top choices are to accelerate digital transformation while keeping pace with global trends (47.82%) and the efficient and cheaper currency management system ( 18.27%).

In addition, respondents also say that axing means accepting cryptocurrencies legally (9.26%). Lastly, international and domestic payments can be reduced (3.00%) and counterfeit currency detection can be lessened (2.21%).

Similarly, the survey asks about the drawbacks of the digital rupee next. In response, 39.87%  say higher reliance on digital currency can be concerning. On the other hand, 20.06% say it could become unstable in case of system failure. Moreover, 10.11% say the 30% of income tax on digital assets could shrink the cryptocurrency market. Lastly, 9% say the Central bank’s monetary control will be threatened.

49.83% Say Countries Should Be Careful When Adopting Cryptos

Following this, the survey asked respondents to share their opinion on India’s step to accepting the digital rupee and opening physical branches of the crypto banks. On this, 73.95% say they are in favor of this decision whereas, 16.26% are not interested. This leaves 9.79% who say they are against it.

To conclude, the survey asked if respondents agree that countries must be careful in adopting digital currencies. Here, 49.83% said ‘Strongly agree’ while 18.29% ‘somewhat agree’. On the other hand, 1.80% somewhat disagree and 1.13% strongly disagree. The rest are ‘neutral’.