Thursday, December 1, 2022
What’s Driving India’s Massive Cryptocurrency Growth?
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Which Indian banks support cryptocurrency in India

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You will have to pay taxes if you sell the same cryptocurrency in India and make a capital gain. When investors, traders, and anyone who moves crypto assets during a fiscal year are taxed at the same rate, there is no difference between profits made quickly and those made slowly. Check out how Quantum Code is the best crypto wallet on the market today.

For other types of assets, like real estate and stocks, the amount of tax that must be paid depends on how long the item was owned before the gain was realised. Which banks in India accept cryptocurrencies?

 

At this time, we haven’t been able to find a financial institution in India that helps people with cryptocurrencies or any other kind of public help. The biggest problem is that neither the government nor any other group with ties to the government backs the instrument. Shaktikanta Das, who is in charge of India’s central bank, said recently that cryptocurrencies are an “obvious risk.” He also said that anything that isn’t based on reality but fantasy is just a guess with a cool name.

If the government doesn’t back cryptocurrencies, banks and other financial institutions probably won’t use them. From the start, it should have been clear that most banks would probably agree. Find a reliable Bitcoin exchange to place your trades on.

 

The instrument has also caused a lot of trouble all over the world. Investors have been betting less and less on the currency over the past few months. The market always changes, which in turn affects the prices. As we write this, cryptocurrencies have lost a lot of value.

As more and more people in India become interested in the cryptocurrency industry, banks are getting in on the action.

They are removing some of the established rules to make it harder to use their platforms to buy Bitcoin and other cryptocurrencies. This means that this thing will be back. Customers can now pay with virtual currency at banks like HDFC Bank, ICICI Bank, and Axis Bank. The UPI platform makes this possible.

People who know about the situation say that the policy changed after the Reserve Bank of India told banks that they couldn’t use the circular from 2018 that said they couldn’t deal in virtual currencies. This is because the order can’t be followed. After all, the Supreme Court ruled against it. This is happening because cryptocurrency is getting more and more popular in India.

Even though cryptocurrency is becoming more popular, it is still against the law in India to use it. The Reserve Bank of India doesn’t like them, and the government isn’t sure what will happen to the industry in the future.

In 2018, the Reserve Bank of India made it illegal for banks to help people buy or sell cryptocurrencies. The Indian Supreme Court said this ban was wrong in the year 2020. Since the beginning of 2019, the government has been debating whether or not to pass a draft bill that would make all activity related to cryptocurrencies illegal.

Last month, the Reserve Bank of India (RBI) clarified that banks can do their own Know Your Customer (KYC) procedures for cryptocurrency customers. The RBI also told banks that its circular from 2018 shouldn’t be used as an example. Because of this change, banks are taking another look at the situation. But right now, some banks don’t have the right technology skills to look over these transactions for supervision.

After the budget came out, it was much easier to understand how cryptocurrencies are regulated in India. But the comments from the NPCI show that there are still different points of view.

“P2P deals are still possible. When the RBI banned all banking channels for crypto in 2018, Tushar Chaudhary, the director of Digital Assets LLP, said that exchanges also worked through peer-to-peer transactions.

Rinku Malik is a regular contributor at newmozi.com and gopostbox.com, Codeplayon.com. He is a digital marketer, passionate with his work, and likes to serve the services of SEO, WordPress website management, and Social media marketing.