Indians Go Maniacs on Cryptocurrency & BTC With $40 Billion on It

Indians Go Maniacs on Cryptocurrency & BTC With $40 Billion on It

Indians are usually thirsty for developing more and earning more. They quite well strive hard , spreading all over the world for opportunities. That’s the same case with cryptocurrency and Bitcoin (BTC) investments too. According to data, Indian’s have invested around $40 Billion upon cryptocurrencies, including Bitcoin.

The Crypto Craze

Indians have usually been into gold for ages. The yellow metal has been part of their tradition long back. Typical Indian mentality upon investments is either on the yellow metal or on lands. India holds about 25,000 tonnes of gold, making it one of the largest gold holders in the world.

In spite of all this, Indians have now found a new craze to get addicted upon. Also, it seems in a few years it will take the place of the yellow gold. This is nothing more than our cryptocurrency. Yes, Indians are now gradually increasing but at a rapid pace upon their cryptocurrency thirst. Accordingly, chainalysis pointed out a massive growth in investments from $200 million to a staggering  $40 billion in the cryptocurrency industry. 

Moreover, such an immense fall in investments in the industry is due to the recent green signals shown to cryptocurrency by India. Similarly, the NPCI turn down of the ban on cryptocurrency has staggered a ray of positive hope upon the crypto enthusiast of India. 

In contrast, most crypto enthusiasts and investors are likely to fall between the age group of 18 to 35. The young blood is usually fierce some it seems. Furthermore, those above 35 age and older groups are more likely to stick to the yellow metals. 

The Worries Though  

Despite such a thriving crypto industry for a country, yet a part of Indians are a little anxious. This is because of the untold tax and income tax issues that are not yet opened for the cryptocurrency industry. Owing to the fact at present there are no such tax rules, yet many fear when India legalizes cryptocurrency completely, then such income tax rules may come into play.

In addition, not likely to happen though is the ban of Bitcoin (BTC) and cryptocurrency in India. If India does legalize cryptocurrency then for sure there are high possibilities for regulations, taxes, and imposition of certain regulatory factors too. 

Nevertheless, everything will be answered quite soon , maybe within this year, according to India’s decisions. 

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.