What is the future of cryptocurrency in India?

When bitcoin’s genesis block first went live in 2009, no one knew how far it would progress. Almost 15 years later, we have 20 million Indians who have invested in crypto. As more people enter the arena, the future of crypto in India is a question on everyone’s mind.

At ZebPay, we have been in the business of crypto since 2014, and facilitate $10 billion in trading volume every year. Given the number of people trading crypto today and the overall enthusiasm for new investment tools – we are certainly optimistic.

As of now, crypto exists in a gray area, legally speaking. There was no law regulating virtual currencies, making them a speculative asset class with extreme volatility. Despite the uncertainty, lakhs of Indians have so far invested lakhs of rupees in the digital currency.

Finally, the Union Finance Minister Nirmala Sitharaman in her budget speech on Tuesday (01/02/2022) announced that the Reserve Bank of India will launch its digital currency from April 1.

It also stated that income earned from the transfer of virtual digital assets would be subject to taxation at 30%. The move to tax virtual digital assets provides transparency on the way forward for the entire ecosystem, including investors and exchanges.

Further clarification from the government will not only bring in a new wave of investors but also professionals who are willing to lend their skills to the industry. We will soon see great innovation and development in the projects.

A positive attitude towards crypto and blockchain indicates an optimistic sentiment towards further acceptance of crypto and legalization of the crypto industry. This ongoing situation has greatly strengthened the industry.