The crypto situation in India was a big question mark in the last few years. A few years back when I first started my journey in the crypto world, the Indian government announced that Cryptocurrencies will not be accepted as legal tender in India. There were also a few companies who got themselves into trouble for using cryptocurrenices directly as an option for their customers.
There used to be one famous crypto trading platform called Koinex. That used to be one of my favorite crypto trading platforms for Indians. I still remember how many refreshes I used to do to see the price change and do some quick trades with them. It was like a wonder back them because we were able to trade 24X7. If we had to invest and trade on a local share market, we would be able to do it only during the daytime and restricted hours but cryptocurrency trading was the next level back then.
After the announcement came from the Indian government, many cryptocurrency exchanges and companies closed their business in India. Some of them even moved to other countries. Some people registered them in other countries where the crypto situation was a bit cool and operated in India from there. Two years back due to different petitions, the government lifted the ban on cryptocurrencies. They mentioned that there will soon be regulations but it was at least free to trade.
Even though it is still not accepted as a legal tender in India, the government decided that blockchain is a technology that shouldn't be ignored. They have come up with some regulations in the current year's budget. We have a 30% flat tax on crypto now. Even if there is a profit or a loss, it is not the government's concern and in either case, we have to pay a flat 30% tax.
This turned out to be good news for some people. Especially people who have their business running inside the crypto world. Even though 30% tax is a huge thing some people still welcome this move because we don't have a ban anymore. There are still ways in which we don't really have to convert the crypto earnings and take them to our bank accounts. There are now options available to spend cryptocurrencies directly on some purchases. These kinds of options will keep growing in the coming years.
New investors are coming
I had a few friends asking me how they can get started with crypto investment. I used to tell them that they don't have to do any big investment but instead play a few games and start earning crypto. They were thinking that those opportunities were just similar to gambling and never paid attention but now my friends are taking crypto seriously and filling me with any questions. There are also big businessmen and politicians getting into crypto with huge investments.
I'm going to be having a session soon with some of my friends where I'm going to be explaining to them the earning opportunities we have on Hive. I wanted to choose a topic that I'm most familiar with. People hear a lot about opportunities on ETH and other chains and come to me asking for details on the same. ETH is not my area of expertise so I talk to them about the opportunities on Hive instead. I was even thinking of doing a presentation kind of thing and recording the video so that anyone who is asking me can be directed to that video and I don't have to take time to explain each and every one of my friends.
Exchanges are also getting their business back in India. For big shots, 30% tax shouldn't be a big deal as long as they earn a lot from crypto. The exchanges might adjust their charges based on how much they will have to pay the taxes. I wish they come up with a revision next year during the budget and by then we will also be having the digital currency created by the central bank.
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