More than third of India urban dwellers oppose Cryptocurrency law, YouGov survey finds

More than a third of India’s urban dwellers oppose the cryptocurrency law plan, according to a survey by YouGov.

FILE PHOTO: Representation of cryptocurrency Binance Coin, the native token of the cryptocurrency exchange, is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration (REUTERS)

More than a third of India's urban dwellers oppose the government's plan to regulate cryptocurrencies, according to a survey by market researcher YouGov. Those opposed to regulation cited concerns ranging from heavy taxation to a potential outright ban on non-exchange-traded tokens, the London-based firm said in an emailed statement. Among people who invest in cryptocurrencies, more than half are against regulation. 

India's burgeoning cryptocurrency industry is anxiously awaiting details of a proposed bill that could go as far as banning off-exchange cryptocurrencies. Any draconian clampdown could have far-reaching implications, as the nation of 1.4 billion people has the second-fastest rate of crypto adoption behind Vietnam, according to Chainalysis.

The Cabinet has yet to approve the proposed legislation, people with knowledge of the matter said last month. 

Out of 1,225 respondents in the YouGov survey, 36% don't want crypto tokens to be regulated, compared with 52% of those who own cryptocurrency. More than half of crypto investors said they'll hold off on buying or selling until markets stabilize.

Cryptocurrency ban slapped on mining to save electricity in Kosovo

PRISTINA (Reuters) - Kosovo's government on Tuesday introduced a ban on cryptocurrency mining in an attempt to curb electricity consumption as the country faces the worst energy crisis in a decade due to production outages.

"All law enforcement agencies will stop the production of this activity in cooperation with other relevant institutions that will identify the locations where there is cryptocurrency production," Economy and Energy Minister Artane Rizvanolli said in a statement.

Due to cheap power prices in Kosovo in recent years, many young people in Kosovo have got involved in crypto mining.

Faced with coal-fired power plant outages and high import prices authorities were forced last month to introduce power cuts.

European gas prices soared more than 30% on Tuesday after low supplies from Russia reignited concerns about an energy crunch as colder weather approaches.

In December, Kosovo declared a state of emergency for 60 days which will allow the government to allocate more money to energy imports, introduce more power cuts and harsher measures.

One miner, who spoke on condition of anonymity and who has 40 GPUs (Graphics Processing Units), told Reuters he was paying around 170 euros per month for electricity and is getting around 2,400 euros per month in profit from mining.

Coin mining has been on the rise in northern Kosovo, mostly populated by Serbs who do not recognise the state of Kosovo and refuse to pay electricity.

The country of 1.8 million people is now importing more than 40% of its consumed energy with high demand during the winter when people use electricity mainly for heating.

Around 90% percent of energy production in Kosovo is from lignite, a soft coal that produces toxic pollution when burnt.

Official figures show Kosovo has the world's fifth largest lignite reserves of 12-14 billion tonnes.