In this article, we are going to know the Future of cryptocurrency in India. A cryptocurrency is a digital or virtual currency that is secured by cryptography. The future of cryptocurrency in India is widely dependent on the government, as we all know it is not legal in India but the government imposed a 30% tax on the profit of cryptocurrency.
According to a recent survey, it is found that India is the fastest-growing cryptocurrency market across the globe and the growth rate is exponentially faster than other countries over the last 5 years. The future of cryptocurrency in India is looking bright.
In conclusion, the future of cryptocurrency in India is in the hands of the government and they will need to be careful while making any steps regarding cryptocurrency regulations. Read till the end you get to know more about the Future of cryptocurrency in India, whether crypto is legal or not, the best app to buy crypto in India, and many more.
What Is TDS On Cryptocurrency In India?- Click Here
Why Cryptocurrency is not regulated yet?
It is not regulated yet because the government is concerned about the risk because of some activities like money laundering and tax evasion. Because the transfer of cryptocurrency between two parties does not involve any third party like the Bank or any government authority it is transferred effortlessly. It is secured by public and private key systems like proof of work and proof of stake.
In 2018 Reserve Bank of India RBI imposed a ban on cryptocurrency trading and investing. But in 2020 by the order of the Supreme Court, it was lifted. Since then the number of investors in the cryptocurrency market in India has been increasing day by day.
To mitigate these risks, the government is planning to regulate and monitor cryptocurrency transactions.
Cryptocurrency in India is legal.
As of now, there is no such clarification on whether cryptocurrency or virtual digital assets can be considered legal in India. In the budget speech of 2022, Finance Minister Nirmala Sitharaman introduced the provision for the tax on cryptocurrency at the rate of 30% under section 115BBH. This might be the first step to recognizing cryptocurrency in India.
Top 4 apps to buy Cryptocurrency in India.
As the number of Crypto investors increases, the number of cryptocurrency exchanges is also increasing in India. There are lots of cryptocurrency exchanges that are used to buy and sell digital currency. Here are some best cryptocurrency applications that you can use to buy your first digital currency.
- Zebpay– Zebpay is an Indian crypto Exchange that helps users to buy and sell digital currency like Bitcoin Ethereum and other altcoins.
- WazirX– WazirX is India’s fastest-growing crypto exchange it was founded in 2018 and now it has become India’s most trusted cryptocurrency exchange with 2 million users.
- Coindcx– Coindcx is known for the liquidity that it provides on every trading pair and also it offers the lowest trading fees in India you can easily deposit through UPI and it offers 20x leverage to future trading pairs.
- CoinSwitch– coins switch offers zero trading fees on Bitcoin transactions. It is one of the best applications for beginners. It also accepts instant INR deposits.
How to invest in cryptocurrency in India?
Investing in cryptocurrency in 2023 is a great way to make money in the long run. As of now, the overall crypto market is down by almost 80% from its all-time high but there are some important steps you can follow while investing in cryptocurrency.
Before investing in any cryptocurrency or virtual digital assets makes you educate yourself about virtual digital assets like Bitcoin, Ethereum, NFT, etc.
After that follow these simple steps:
- Choose a cryptocurrency exchange according to your requirement. In India, the best crypto exchanges are Zebpay, WazirX, Coindcx, and CoinSwitch.
- Complete your KYC on a selected exchange because most cryptocurrency exchanges require the personal information to complete the verification process.
- After completion of your, KYC adds funds to your account by using UPI, Credit Card, Bank transfer, and other payment options.
- Choose your best cryptocurrency after researching and comparing it with other cryptocurrencies according to the Crypto project and its future vision.
- As you bought your first cryptocurrency either you can hold it in your cryptocurrency wallet or you can transfer it into separate hardware to make it more secure.
This is the simplest way to invest in cryptocurrency in India.
Conclusion:
The future of cryptocurrency is very bright in India. It depends on the government because it is not legal on the document but the government imposed a 30% tax on the profit of cryptocurrency.
It is not regulated yet because there are lots of risks like money laundering, tax evasion, and many more which come into existence after cryptocurrency transactions took place. In cryptocurrency transactions, there is no involvement of any third party like government authority. It is secured by public and private key systems like proof of work and proof of stake models. I hope you all understand the Future of cryptocurrency in India.
Frequently Asked Questions:
Is crypto going to be legal in India?
There is no such clarification on whether cryptocurrency can be considered legal by any government authority. But in the budget speech of 2022, the Finance Minister introduced the provision for the tax on cryptocurrency at the rate of 30% under section 115 BBH.
Which cryptocurrency has the best future in India?
There are more than 1000 cryptocurrencies in the market, but finding the best cryptocurrencies for the long term is not easy to find. But here are some best cryptocurrencies for the future:
- Bitcoin
- Ethereum
- Solana
- Polkadot
- Cardano
- Tether
- XRP
- Binance coin
These are the Future of cryptocurrency.
Can Indians still invest in crypto?
There is nothing to worry about investing in cryptocurrency in India. There are many Indian crypto exchanges that offer the best features for their users. But in India, if anyone earns from trading the cryptocurrency or other VDA they have to pay taxes of 30% on the net gains.
Which crypto is stable?
There many stable cryptocurrencies you will get in the Crypto industry. But if we talk about the most popular and largest Market capitalization then it is TETHER(Usdt). Tether is pegged to USD at a 1:1 ratio. BUSD and USDC are also the best stablecoins.
