People of India know about cryptocurrencies more than Russians

97% of interviewed by India’s Chamber of Commerce and Industry stated that they know about cryptocurrency and its features to some extent, according to the latest report by Bitcoin.com. Russians, who were lately interviewed by the local National Agency for Financial Studies (NAFI), have much lower awareness.

The survey results were presented at the event by the name of “Roundtable on Industry Perspective on Bitcoins: A New World of Transactions and Payments”. As one of the organizers of the study told, different social group representatives were interviewed: the workers involved in light, heavy, pharmaceutical industries, and auto parts manufacturing. Despite the relatively high awareness on the matter, no respondents used bitcoins for their business needs. Participants explain this by telling that they don’t know the payment mechanism and suspect that the system is insecure.

Gopal Jiwarajka, the Chamber president, generally supported the opinion that the use of Bitcoin has its risks, as it is not secured with any physical assets, but added that Bitcoin has a potential to develop the digital economy.

The Chamber president also expressed his opinion that the regulatory framework of Bitcoin must be enhanced to ensure the general reliability of the currency and proposed to introduce informational programs on Bitcoin pros and cons, this way further supporting India's digital economy.

Bitcoins can be a boon for the large population of the country which is still unbanked; it can provide them with a superior and simple peer to peer digital currency trading platform through desktops and mobile devices,” Gopal Jiwarajka concluded.