After some years of debate and a lack of clear direction, India has taken the first major step into adopting CryptoCurrency.
So what exactly happened today? According to Finance Minister Nirmala Sitharaman, as of April First, the reserve bank of India will launch its Digital currency the Digital Rupee this year. The nation of India will start to tax Crypto Profits at a rate of 30% to remove any uncertainty going forward. This means that Crypto, including SHIBA INU, seems to be now OFFICIALLY legal.
Crypto is legally recognized in India, with a 30% tax.
— CZ 🔶 Binance (@cz_binance) February 1, 2022
Darshan Bathija stated that “Imposing the tax rate makes crypto trading official now and any concern of a ban is off the table,”
So what does this mean for the #SHIBARMY? This comes as welcoming news as $SHIB is the third most used crypto in India. Bitcoin and Tether are the only 2 cryptocurrencies that are above the Shiba Inu Coin. This could cause the price of SHIB to increase over the course of the next month. At the time of writing SHIBA INU stands at .000026.
How To Invest In Cryptocurrency In India
Even though the country is yet to formulate regulations for investing in cryptocurrency, there was almost a 20,000% increase (from $200 million to $40 billion) in crypto investments in India in the past year alone! Several people rode the wave and reaped unparalleled returns on their investments.
So, how can you get started? And which is the safest way possible to invest in cryptocurrency in India? Let’s explore
Why Is Crypto Booming in India?
Despite the Indian government’s debatable stance on crypto assets, cryptocurrency investments in India are still increasing. Start-ups like WazirX are even introducing newer concepts like Non-Fungible Tokens (NFTs) . What are the reasons behind this uptick?
Low internet costs, rising real estate prices, and increased taxation on metals like Gold and Silver also seemed to have contributed to the paradigm shift of investing in tangible assets.
Moreover, the introduction of cryptocurrency brought an unprecedented degree of latitude for people as young as 18 years of age to invest and grow their portfolios.
Rise of Crypto Exchanges in IndiaThe high inflation rates in India along with the restrictive and non-streamlined modes of investment presented a golden opportunity for visionary entrepreneurs to set up cryptocurrency exchanges in India.
Due to the intrinsic nature of crypto and blockchain technology, entrepreneurs like Nischal Shetty were able to give rise to crypto exchanges that have an intuitive and easy-to-use User Interface (UI). These crypto exchanges also offered almost no annual maintenance charges (AMCs) and a much lower trading fee.
With 24×7 availability, minimal design, and potentially sky-high returns on investment for any individual – crypto exchanges boomed.
The Most Favoured CryptocurrencyThe most favored cryptocurrency, judging from the market cap, is the OG token – Bitcoin (BTC). However, many argue that Ether (ETH), the native token of the Ethereum network could soon replace Bitcoin.
Other popular crypto tokens are:
- Polygon (MATIC)
- Litecoin (LTC)
- Binance Coin (BNB)
- Polkadot (DOT)
- Cardano (ADA)
- Solana (SOL)