Nearly 7 million Indians have already invested $1 billion in cryptocurrencies. Now the government has to do everything possible to make the fintech space flourish in India.
In India, digital assets rose to $6.6 billion in May. Moreover, even people interested in gold invested heavily in digital currency. According to statistics, India ranks second in the list of countries that use cryptocurrencies most often. If we look at the global picture, the lowest share of cryptocurrency owners is in the US and the UK.
Due to the holiday season in India, crypto exchange platforms aim to interest retailers by issuing cryptocurrencies. At the same time, it is in their interest to raise awareness and encourage Indians to opt for bitcoin instead of gold.
According to the latest report, such popular Indian cryptocurrencies as WazirX, CoinDCX, and Unocoin offer cryptocurrencies as a gift. According to the founders of the exchanges, this step is a way to encourage and raise awareness. This initiative aims to share knowledge in cryptocurrency.
However, it should be noted that cryptocurrency regulations in India are unclear because the implementation of crypto legislation has been delayed and time-consuming. The former deputy governor of the local reserve bank called on lawmakers to look into the asset class. His desire is for cryptocurrency to be treated not as a commodity but as a currency.
In the last few days, the price of Bitcoin has stopped increasing, which was due to several factors. One of the reasons was the legalization of digital currency by El Salvador. This proved unacceptable to locals and some residents, which led to the start of protests. Some experts suggest that many countries may soon follow El Salvador, but there are no candidates at this stage.
It is noteworthy that in the last seven days, Bitcoin has fallen by more than 13 percent.
According to the latest information, El Salvador plans to exempt foreign investors from taxes. If users will have assets in Bitcoin and receive regular big profits, there will be no tax. This will encourage foreign investment. There will be no tax on either income or capital increase. El Salvador, despite the criticism, got tremendous support from the global crypto community.
We wonder how the price of Bitcoin will develop. However, India has big goals for the cryptocurrency business.