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India Likely To Impose Crypto Tax After Increase In Bitcoin Trading

The ban on cryptocurrency in India was lifted by the RBI barely 10 months ago. Now in a major move, it is understood that the subcontinent can impose a crypto tax after increase in Bitcoin trading.

Bitcoin surpassed the $19 mark in the last 24 hours and has created a trend on Twitter. The trend on Twitter was a temporary phenomenon based on the regions and it took place after the king crypto hit an all-time high.

Bitcoin is taking leaps and bounds in the world scenario. It has been easily adapted all over the world with countries like South Korea, China and the United States among the front runners.

In South Korea, the crypto law is set to be placed in due course. The beaches in Busan also support cryptocurrency while China is at the threshold of cryptocurrency mining. The superpower like the United States also continues to take keen interest in cryptocurrency and is building its future vision against it.

In the recent past, it is not just the super powers, but also countries like Venezuela, India, Pakistan and Bangladesh which are taking keen interest in cryptocurrency and Blockchain technology.

Now, in a significant move, Bitcoin has entered the market in Ethopia. There have been other countries in Africa, which are poor, but have shown keen interest in Bitcoin. Ethopia is one of those countries which is showing interest in the king crypto and also boasts of never being occupied.

In terms of the new digital gold, Ethopia never touched the new digital gold last year. Even though it is just a start for Ethopia but this shows that the king crypto has arrived in a country which is stricken by inflation rate as of now.

Countries like South Africa or Nigeria, incidentally, don’t look as ambitious in terms of Bitcoin but Ethopia is in race to make the most of it.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.