Hopes have increased after the new cryptocurrency regulation in India

in #hive-1679223 years ago

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.

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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.

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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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Hive will definitely welcome them with open arms and am sure they we never regret knowing about the platform.

Yes exactly. People will never regret after joining hive. They might regret for not joining this sooner than now.

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Those are really great news! Banning crypto will only make the Blockchain technology trample over you.

30% is salty but is a start XD I hope business accepting crypto became the norm soon, this will make transaction easier for us.

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Yeah in spite of the tax at least people will not be not hesitant to get into crypto.

This is no doubt an incredible milestone for India . Adding cryptocurrency to their vast growing technological nomenclature makes the country an investment ground eventually.

Yes being one of the highly populated countries in the world, India can explore many opportunities here.

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That is a great idea. Is India still fighting to lower the flat tax and feel free to upload the video on HIVE for everyone else here.

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Nope I don't think we can do much about it. Maybe when they come up with their own coin, they might consider a little bit probably.

This is good news! India can represent a huge market/demand for crypto now that it is open. And good job spreading the news of Hive. There is so much potential on the Hive blockchain, we just need to get the word out.

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Yeah we have to on board people who can do wonders and take Hive to next level.

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It's good to see adoption happening around the world and India honestly is an very large population up and coming tech giant. Having them get in on crypto is going to be a huge boost and it looks the like markets agree!

Agree on that. India is one of the biggest giants and with so much population, it will be great to onboard many people to the crypto world.

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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.

Your loss is not the government concern, but you have to pay us 30%! Very considerate indeed!

. . . but now my friends are taking crypto seriously and filling me with any questions.

I wish to see the same thing happening soon to my friends.

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!GIF blessings

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Yeah government really doesn't care if we are in profit or loss.

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I do not think any news from India affects hive because hive is a global not indian based

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