Cryptocurrency: Cryptocurrency is being adopted very fast in India. Now, along with big metros, small towns have also joined this race. A report by CoinSwitch has revealed that from Botad in Gujarat and Barabaka in Assam to many other towns of India including Jalandhar, Kanchipuram, Patna, etc., attraction towards crypto is increasing among people mostly aged 35 years or less. Used to be. It is being used more especially in transactions of digital assets.
Acceleration in adoption of crypto currency in India
Despite government’s strictness, people are showing interest in crypto
Local investors are showing more interest in buying Meme Coin. Among these, SHIB has become the most trending currency. However, strictness is also being taken in India regarding crypto currency, such as tax is being imposed on its use.
Despite this, Indians are competing in crypto exchanges. At present, the government has imposed a tax of up to 30 percent on the income earned from crypto transactions, while 1 percent TDS is levied on transactions of more than Rs 50,000 annually. Continuous discussions are also going on to reduce crypto activities.
Crypto supporter Donald Trump
Recently, crypto fans across the world got a boost when its supporter Donald Trump himself was elected as the US President. Soon after assuming office, Trump also gave the responsibility of handling the financial market regulator SEC to crypto supporter Paul Actins. Since then, the use of crypto has started increasing in America.
So far in the year 2024, investment on Bitcoin has given an unmatched return of up to 144 percent. Ashish Singhal, co-founder of Coinswitch, also said in a conversation with Times of India that at present, in terms of market capitalization, it is considered bigger than silver and about one tenth of gold. He also said, "Trump’s support for Bitcoin is a positive development for the crypto sector."
