Aroscop Tech Inc 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 & 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%) 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% 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% 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 legalization of cryptocurrencies and are more aware of crypto than the rest of the country. Of the population who are aware of cryptocurrencies, 47% from the eastern states have invested in crypto, while only 11% from the western zone did the same.
Interestingly, rural India seems to accept digital currencies more than urban dwellers. 66% of the respondents from rural areas want trading in cryptocurrencies to be legal in the country, compared to 52% 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% of the respondents believe that the tax rate should be less than 30% 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.
The detailed report, packed with more such insights, can be downloaded from here
