It’s a big news coming from India this time. Right after South Korea has taken down the Cryptocurrency market, India has started a crackdown on its huge population of crypto market shareholders.
India has been in a run of crypto business since 17 months and has been a standby witness of 3.5 billion dollar domain of economic exchange. No government can ignore such a huge stream of the economy directly and has to have their share in the same. Come on!! That’s for the betterment of the citizens obviously!! (Sarcasm?? No. It’s a normal sentence, you wicked reader!!).
Following the same trend, India has laid down a rat trap for the major cryptocurrency owners and have made holding cryptocurrency taxable(SLAP!!), in the latest decision taken combinedly(Ooooohhh!!) by Finance Ministry and Income Tax Department.
Decisions are never made so fast in any country. But when it comes to money, dude….all governments go moody girlfriend and break-up mode…Things go fast and ugly. Let’s see how things are going in India and few other countries.
1] Cryptocurrency is Treated as Property
The government has temporarily made the possession of crypto entity equivalent to possession of property.
The taxation is currently based on valuation methods, used for property taxation.
2]Cryptocurrency investment falls by 20% in a week.
As the warnings bombarded in from government sources about making cryptocurrency taxable, they crypto market started seeing a dramatic depreciation (Not as dramatic as Indian Daily Soaps) which showed up the numbers of 20% fall when analyzed by Blockchain Experts from India(They exist. However we can count them on fingertips but they do exist.)
3] Governments Into Action
After the dramatic shift in world events related to cryptocurrency entities, governments from all over the world are going to discuss this issue in next G20 summit(Just like Relatives discuss about a newly married couple). Rumors say that the world governments are planning to bring the taxation of crypto entities under same parameters throughout the world(They’re rumors. Trust issues are sometimes advantageous).
4] Rise of new “GOLD”
The companies like ZebPay, which work on top notch gear in India are calling the cryptocurrency the new form of “GOLD”.
Ladies…Be ready to wear the binary jewelry. 10101010101010 is the new cool…!!
Gold, Black Gold and now a binary Gold is the future of world economy.
Are we ready to face this drastic shift?
It is as difficult as facing our girlfriend’s parents. But trust me. Future is beautiful after passing through that phase. For all the latest trends, tech news, & reviews follow us on Instagram, Twitter, Facebook