The trend of Cryptocurrency is increasing in India. People are investing their money in this, but what will be the future of cryptocurrencies in India. Not much is clear about this yet, but it is certain that the government is not in favor of it. Finance Minister Nirmala Sitharaman has given a statement regarding cryptocurrencies. His statement comes amid preparations for the exchange of cryptocurrencies by the government. Sitharaman said that there is a lot of speculation going on on cryptocurrencies and these speculations are not a good thing. A well-thought-out Bill on Cryptocurrencies is definitely going to come to Parliament after the Cabinet’s.
In this year’s budget, Finance Minister Nirmala Sitharaman announced that income from cryptocurrencies will now be taxed at 30 percent. For taxation purpose, crypto currencies have now been included in the definition of Virtual Digital Asset (VDA). In addition to regulate and capture the details of the transaction by a crypto exchange or any other payer from the seller of the cryptocurrency. Provision has also been made for deduction of percentage TDS, If the total payment is above Rs.10,000 per annum. These provisions are being implemented from 1st July 2022.
In this way, it can be said that now investing in cryptocurrencies in India is completely legal. As far as higher taxes are concerned, it is a flexible system. This is an early time and will be given more consideration in the times to come. After this necessary changes can be made in view of the interest of the investors in future.
Web 3.0 Hub India –
Web3 or Web 3.0 is a new terminology, based on blockchain technology. It refers to an internet space that promotes a decentralized process. In simple words internet users have the power to own the internet stage. According to this the common Internet users will be the shareholders in the Internet world. Web 3.0 fundamentally determines how all the various stakeholders participating in a given Internet business ecosystem maintain control over their data. The good thing is that India is slowly evolving into a Web 3.0 early adopter, with programs being rapidly planned across the country. The ecosystem in Web 3.0 requires crypto assets and this is the reason why Web 3.0 cannot be successful in the absence of cryptocurrency. It is imperative to have cryptocurrencies as a medium of exchange in the new ecosystem. This is why the Web 3.0 craze will take crypto trading further.
In India – Crypto investors and HODLers in India are excited and full of optimism. The term HODLers is used for people who buy cryptocurrency and hold it for a long time. The legalization of crypto in India, competition for early adoption of Web 3.0 and advanced investment options have led to a rapid increase in the number of registered users of leading crypto exchanges.
So, the conclusion about cryptocurrency in India – Overall, it can be said that there is a lot of potential in crypto in India. Cryptocurrencies have become the need of the hour due to investor interest as well as the development of Web 3.0. In the modern technique with the latest technologies, if any investment is being liked the most, then it is crypto investing.
Finally I hope your thinking about cryptocurrency status / future in India is clear and if you have any doubt then post your comment definitely my team will reply you.
