Indian Multi-Industry Survey Shows 97% Awareness of Bitcoin

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A survey released on Wednesday by a leading Indian trade and industry body found that 97% of respondents across multiple industries are aware of bitcoin.

While the group calls for more regulations, the survey sheds light on the opportunities Bitcoin can offer the country.

At the event, the PHD Research Bureau released a survey-based report outlining the present status, mechanism, regulatory aspects, and future prospects of bitcoin in India.

None of the respondents have actually used bitcoin for their businesses, the survey revealed, adding that all of them "Were unaware of the payment mechanism involved in bitcoins," the publication noted.

Survey respondents cited "Safety and security of the system as a major hindrance" to bitcoin adoption.

During the roundtable, Chamber President Gopal Jiwarajka brought up the point that bitcoin has the potential to boost the digital economy, but warned that it is"Fraught with risks and not backed by any tangible asset but by sheer demand."

The chamber's president argued that "It is essential to expand the regulatory framework for bitcoins to reinforce the safety and security aspects of bitcoins." In addition, he suggested that this framework should be coupled with"Awareness programmes about the pros and cons associated with bitcoins to bolster the digital campaign in India."