What Future of Cryptocurrency in India? – Jammu Kashmir Latest News | Tourism

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At the time of writing, cryptocurrency is does not legal tender in India. In fact, last year the draft law on the regulation of cryptocurrency and official digital currency was drafted. This bill would make all private cryptocurrencies illegal nationwide. Although it “allows” “certain exceptions” that could help advance the “underlying cryptocurrency technology”.

So far, the bill has not been tabled by the Indian government, and some reports suggest it would rather fully regulate the sector instead. Ajay Seth, the finance secretary, has confirmed that the government is “quite ready” to release its consultation paper on the crypto landscape. Seth insisted that the Indian government is keen on achieving a global consensus on cryptocurrency before the country can enforce an effective regulatory framework.

Are Government Crypto Taxes Good or Bad News?

In the absence of a strong regulatory framework, Indians are free to trade cryptocurrencies on major exchanges. However, the government recently levied a 30% tax on cryptocurrency investments, as well as other “virtual digital assets” such as non-fungible tokens (NFTs). Additionally, intraday cryptocurrency traders will also be hit with a 1% withholding tax (TDS) on transactions above a set threshold.

While this may seem like a punitive measure to some, it is also encouraging news for crypto enthusiasts in the subcontinent. Those who are positive about the future of cryptocurrency and blockchain technology in India believe that these charges are a sign of the government’s formal acceptance of crypto-assets as an alternative financial instrument in India.

This, combined with the lack of a regulatory framework, has allowed more industries to start adopting cryptocurrency as a legitimate payment method. In fact, an increasing number of major brands in India are starting to accept Bitcoin transactions.

In e-commerce, Indian platform HighKart has enabled bitcoin payments for the purchase of goods and services across its portal. Established in 2013 during the e-commerce “boom”, HighKart became the first online retail marketplace to accept BTC in India.

The Indian iGaming industry has also taken an innovative approach to cryptocurrency. In fact, some operators are preparing to launch dedicated Bitcoin online casinos. Metaspin’s crypto casino is ready to open its doors online immediately, allowing its customers to bet and win on classic table games and online slots exclusively in cryptocurrencies such as Bitcoin. In fact, the site is said to include deposits in no fewer than 11 cryptocurrencies, with deposits and bets in Ethereum (ETH), Ripple (XRP), Cardano (ADA) and even the infamous “meme coin” Dogecoin. (DOGE) all welcome.

Indian developers have even jumped on the crypto trading bandwagon. Unocoin was launched in 2013 as India’s “most trusted crypto exchange” for locals. Since then, it has served over 2.3 million users and processed nearly 22 million transactions.

India is an increasingly passionate nation for cryptocurrency

In fact, according to the Times of India, there are between 15 and 20 million Indian cryptocurrency investors. Its report states that India is now home to the highest concentration of cryptocurrency owners on the planet. He also revealed that nearly two-thirds (60%) of Indian states are now considered “CryptoTech adopters”. It is true that India’s technology ecosystem is currently one of the most vibrant on the planet. There is a growing pool of talent passionate about crypto and blockchain technology in particular. For India to position itself at the forefront of the global blockchain space, it will require a renewed effort by mainstream institutions and regulators to embrace change while protecting the general public.

rupees

Within the next 12 months, the Reserve Bank of India (RBI) is expected to launch a central bank-backed digital currency. A “digital rupee” would be an important testing ground that demonstrates the potential of cryptocurrencies as a positive force to improve the efficiency of payment systems. In addition, centrally backed “sovereign” digital currencies will be seen as a safer starting point than other altcoins with a more volatile store of value.

For cryptocurrency to actually hit the mainstream in India, the digital rupee needs to be launched. It will also require millennials and Gen Z citizens to take action and jump aboard the crypto and blockchain bandwagon. The Times of India states that women’s participation in crypto has already increased by more than 1000% in the past few years. Meanwhile, two-thirds (66%) of active users are between the ages of 18 and 34.

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