Indian crypto exchanges witness surge despite multiple hindrances
On July 1, 2022, India started a one percent tax deduction at source (TDS), and it has been in place ever since. The Finance Bill of 2022 says that when cryptocurrency is sold, 1% of the transaction value must be taken out as Tax Deducted at Source. This new part was added to the Income-Tax Act of 1961 by the Finance Bill of 2022. Its name is 194S. The cryptocurrency exchange charges a fee when cryptocurrency is sold. The exchange then sends the charge to the IT department. If you are new to Crypto trading and investments then you must check bitcoin trading website of Bitcoin Revolution.
India still has a lot of problems to deal with. What makes Blockchain work
Digital currencies like Bitcoin and Ethereum have been steadily losing value since November of last year. This could be the longest event ever since the crypto winter of 2018.
The hashrate of Bitcoin is at an all-time high. Before the market became more stable, exchanges said that their main goals would be to come up with new products and improve customer service.
The BACC was one of the few Indian organisations that helped the cryptocurrency business.
There are already problems with the Indian cryptocurrency business, like high taxes, payment processors that block exchanges, falling trading volumes, and a worldwide bear market. The whole industry will be affected by this new change in a big way.
Even if there have been problems in the past, the amount of business going on now suggests that something else is going on. Bitcoin exchanges have been doing more trading lately.
A fan of cryptocurrencies named NG said that on July 13, $152,250,490 worth of Giottus was bought and sold in 24 hours. On other exchanges, like Bitbns, CoinDCX, and WazirX, the number of transactions has also grown quickly.
Feelings may be altered
This big step forward in the development of cryptocurrencies is happening in a place where not many people are aware of it. Even though the future of digital currencies is uncertain, the government is starting to realise that the technology behind them may end up being much more important than the economics of the currency itself.
Even though the rules aren’t clear yet, it looks like things are getting better
This is happening because India is starting to like cryptocurrencies more after being against them for a long time. India already has more people who use cryptocurrency than the UK, which only has 2,300,000 users, and is getting close to the US, which has 23 million users.
The cryptocurrency market gets a boost
CoinSwitch Kuber is one of the few places in India where you can trade cryptocurrencies. A well-known venture capital firm called Tiger Global helped the startup raise money for its Series B round. This gave the company $500 million, which is the same amount of money as $25 million.
People in business say that if the value of cryptocurrencies keeps going up, India could have an investment base of 10 crores or more.
Gold has always been the most common way for people in India to save money for later use. Research by the World Gold Council, on the other hand, shows that Indians over 34 are more interested in gold than Indians under 34.
Even though the Indian cryptocurrency market is a very small part of the country’s total gold holdings, there is no doubt that the use of cryptocurrencies is growing in the subcontinent.
According to CoinGecko, the daily trading volume on the four biggest cryptocurrency platforms in India, including CoinSwitch Kuber, went from $10.6 million a year ago to $102 million today. All cryptocurrencies went up at the same time.
The growing interest in cryptocurrency as a way to exchange money is another sign that Indian investors are quickly moving from being very cautious to being more open to new markets and opportunities.Follow us on social media