As per a recent survey of 9,174 Indians conducted by digital community-based platform LocalCircles, 49% of respondents have zero trust in cryptocurrencies, local media outlet Business Today reports.
For comparison, only 1% of them have high trust in the new asset class, which shows that ardent crypto proponents are an extremely slim minority in the country.
Eighty-seven percent of the respondents do not have any family members who have invested in cryptocurrencies.
The overwhelming majority of Indians (76%) are in favor of prohibiting cryptocurrency advertising.
As reported by U.Today, the government is now mulling over imposing a ban on misleading ads that promise big returns and fail to highlight the risks linked to the mercurial asset class.
India is also on track to ban virtually all private cryptocurrencies during the winter parliamentary session, but the most recent reports suggest that the government might take a more subtle approach to regulation by tightening crypto rules instead of prohibiting crypto.