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Future of Cryptocurrency in India

In the absence of a strong regulatory framework, Indians are free to trade cryptocurrency on leading exchanges. However, the government recently imposed a 30% tax on cryptocurrency investments, as well as any other "virtual digital asset" such as non-fungible tokens (NFTs). Also, intra-day traders of the cryptocurrency will be hit with a tax deduction of 1% at source (TDS) on trades above the prescribed limit.

Those optimistic about the future of cryptocurrency and blockchain technology in India believe that these taxes represent the government's formal acceptance of cryptocurrencies as a financial instrument for investment.

Speaking during India's G20 Presidency conference, India's Finance Minister Nirmala Sitharaman stated that it is critical to discuss bitcoin. Shee also stated that all governments should collaborate on cryptocurrency issues and that all countries should collaborate to draught legislation.

Shaktikanta Das, Governor of the Reserve Bank of India, expressed strong opposition to bitcoin earlier this year. Shakti Kantha Dass argued that while blockchain technology should be embraced, private currency should be prohibited.

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Last year, Finance Minister Nirmala Sitharaman stated that 30% of bitcoin trading income will be taxed and 1% TDS would be deducted. It is worth noting that the crypto currency trade suffered a serious decrease following that, not only in India but also globally.

This, combined with a lack of a legislative framework, has prompted numerous industries to accept cryptocurrencies as a legitimate method of payment. Indeed, an increasing number of major Indian brands have begun to accept Bitcoin transactions.

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Even Indian developers have jumped on board with cryptocurrency trading. Unocoin debuted in 2013 as India's "most trusted crypto exchange" for residents. It has since serviced over 2.3 million users and handled approximately 22 million transactions.

According to some experts, digital assets mainly serve as investment instruments. Because a new future is being created on the blockchain, people are buying coins in the hope that their value will increase in the future.

Conclusion:

If we want to the better future for cryptocurrency in India the bitcoin or cryptocurrency community should eventually be able to work with global authorities. Failure to do so may pose substantial challenges to the growth of the digital money industry.

The fradulant activites oriented with cryptocurrencies to be restricted, people should have awaresness of them.

As an investor we should not invest big sums of money in Bitcoin, Ethereum, or any cryptocurrency in general. This market has the potential to rise one year and fall the next, and to move in both wise and foolish directions. Long-term investors seek to construct a diverse portfolio that can survive sudden and severe downturns in any industry.

References:

1. https://wazirx.com/blog/the-future-of-cryptocurrency-in-india-10-faqs-answered/

2. https://navi.com/blog/future-of-cryptocurrency/

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