Indian govt starting awareness campaign for crypto

It's a bear market and there is a lot of negativity in the crypto market. The last year 2022 was not good for the crypto community worldwide but this year people are expecting the year to be better than the last year. The start of this year has not been going well but it is just beginning and hopefully, things will be better and we can see some positive sentiments in the market.

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India is one of the countries where things have been different than other countries. First, the government is not in favor of cryptocurrency but they are also not trying to ban it. RBI which is the monetary authority of the country is not at all supporting cryptocurrencies and they are trying to ban it because it is outside their scope of work. The government wants to earn revenue through crypto trading but they have the least intention to make it easy for the people. We have seen in the past when the government is saying that they are exploring the possibilities but at the same time they have implemented very high taxation.

Now there is an update that the government is planning to start a cryptocurrency awareness campaign and they want to make people understand and learn about the risks involved with cryptocurrency. I believe this is a good initiative because now whoever will feel comfortable with the risk appetite involved with this digital asset should be investing. Nobody is forcing anyone to invest in the crypto market instead it is something that one can invest in only if he has an interest and wants to deal with the high market volatility.

The Indian government is set to launch a crypto awareness campaign conducted by the Investor Protection and Education Fund Authority, a government body controlled by the Ministry of Corporate Affairs.

Two things are part of the taxation here and this includes tax rate and TDS which is 1%. The tax percentage is 30% without any slab and one percentage is applicable on all purchase orders. Because of both components, the trading volume has decreased a lot in the exchanges. Though we have seen a spike in international exchanges from Indian users which is because of these rules applied by the government and relevant authorities.

I hope this crypto awareness campaign has people understand and learn more about crypto and blockchain along with many other factors that are needed to understand before investing. Let's see how things are going to be after this as soon as we are going to have it launched.

Thank you