There has been a good buzz around Bitcoin and other digital coins in India in the recent past. Thanks to the country’s recent budget, the Finance Minister announced how they would tax your returns on digital currency investment. We see the coins becoming too competitive with passing days, particularly returns. We have seen the price of Bitcoin growing in a big way, and ETH is also seen growing at a faster pace going at the speed of ten times in the market. All these returns should seem to have gained many more retail investors to go down to their toes over the intriguing asset class. Many young investors and novices have been looking for an option to put their money in digital currency in India. However, if you plan to invest in the digital currency market in India, you need to know something in advance. The following five things will make you educated in India. You can check to learn more about bitcoin trading.
1. Investing in digital coins legal
There has been confusion about putting your money in digital coins in India. We have a clear message that states investing in India in digital coins is legal. We see the RBI not adding any ban on the coin that further facilitated the coin’s transaction in 2018. The circular seemed to have gone well in the digital currency market, and it is going well at the moment. Also, one can find a challenge in banning it. Also, in 2020, the top court talked about the ban discussion by the RBI. It claimed that it should not be banned in the country. It also stated that there were no clear grounds to ban. Today, you can find the scenario differently in the digital currency space. Around two million consumers have their registration in digital currency startup groups. Also, we hear that the central bank of India, known as RBI, is planning to bring in their digital coin in the crypto market.
2. Crypto based transactions under the tax
There are many more digital currencies that are decentralized. Any government or central authority does not regulate all these. But this does not mean that you are supposed to pay taxes if you fail to invest in digital coins. Any income you can see in India will bring in the idea of giving the idea of income tax. Also, like any other investment option, you can find too many prophets are now coming up with the digital currency investment. So it is seen gaining good capital gains, giving the income tax. Now, depending upon the time duration of your digital coin hold history, it is further added as a short-term or long-term capital gain. Some of these also can give you some of the best sources of their return.
3. Cryptocurrencies are not often costly
Generally speaking, people consider it Bitcoin when we talk about digital coins. You need to check that the price of Bitcoin goes to a whopping cost of 3 M in INR per coin. Many prospective investors are now considering the option to afford the same to put the money with the high-value assets, and these tend to remain safe. You need to know that you can even procure a fraction of Bitcoin, and it can prove to be an affordable deal. You can even put 100 INR for any digital coin.
4. Crypto value is real like INR
Digital coins are virtual assets, not found in physical form, unlike fiat money. The intangible nature of digital coins can help you in believing that digital currency will not have the actual value and codes to set. The reality is that no other currency carries out the actual value of the money unless people use its belief in the same. People trust digital coins to give value to the currency.
5. Crypto investment is easy
Investing in the digital coin is always done with the help of any technology-based tool. It is done by people who are well versed with technology and others failing to understand never do it. Earlier, putting money in digital coins was a complex affair. However, things change, and we see more and more people coming forward to invest. Thanks to the ease and simplicity attached with crypto investment.