Cryptocurrency have been gaining lot of attention of the people and India now has the most number of crypto users all over the world. India has passed a rule that 30% tax will be applied on all crypto trading. India has not banned cryptocurrencies as rumor suggested and instead a 30% tax has been regulated on cryptos. Cryptocurrency will be legal in India only after the crypto bill.
Last week the Russian Central Bank proposed a ban on all crypto trading and mining. The cryptocurrency market took a severe hit because of that. As a result the market crashed and Bitcoin fell down to around ₹28 Lakhs and Ethereum was down to ₹1.91 Lakhs. Other major cryptos like Ripple, Cardano, Solana, Matic, and Sandbox took a hit of atleast 10% or more. All crypto users were in losses and were hoping for the market to bounce back.
This week the market has bounced backed and is recovering for the huge crash. 2 days ago, Bitcoin jumped up 10% to ₹32.5 Lakhs and all other crypto coins showed an incremental surge in their prices. Ethereum also went to ₹2.2 Lakhs approximately while Cardano went up to ₹90. As of now, 7th February, all the big coins have again showed an incremental surge of about 8-10% each.
Bitcoin as of now stands at ₹33.5 Lakhs and Ethereum is at ₹2.5 Lakhs. Crypto traders are recovering from their loss now but many people in India are opposed to the new rules that are applied regarding crypto trading. 30% tax on profits without the option to rectify the losses is discouraging the traders to trade in crypto now.
What do you think will be the future of crypto in India? Will it ever be legal in India? Share your thoughts in the comments section.