India is currently one of the popular and growing market for cryptocurrency.
It was rumored that there is going to be crypto Ban India in recent budget.
Why Ban was imposed?
It was imposed in 2018. Later, in March 2020, the crypto transactions are under regulations.
The main reason for Crypto Ban India was, the Reserve bank of India found “crypto” as a threat to Indian rupee as well as to the financial stability.
The Indian rupee can be only convert partially. I feel that, it helps the R.B.I. to control and regulate the access to country’s market.
Whereas, I feel that a free trade is occurring in crypto and it is anonymous in nature. It is important to know that, this can lead to money laundering and terrorism.
Here you can check more about cryptocurrency
Check out our interesting article on Why Crypto Market is Down.
How it is going now on Crypto ban India?
Finance secretary stated that the government is going to treat the crypto investment as like financial income from gambling. Hence, in the current situation, the income tax imposed on crypto earnings is 30%.
The government is launching very own digital currency within a month.
There is no crypto ban in India. On crypto 30% tax has impose by Indian government. India is soon going to have its own digital currency.
So, there are many techies who have already launched various apps on Crypto investment. We have seen many of the Indian Youtubers doing advertisements of these apps.
I also found a statement that, a crypto service based in Singapore, that Reserve bank of India could welcome.
So, I think crypto will be a lucrative investment. People are excited about crypto.
India will be huge market for crypto. So, please comments your thoughts below on Crypto Ban India.
So, what do you think? Will you invest in crypto?
Hope you like this article.