The economy in India has really has taken shape. In an era when stories of economic distress are common, Only then there is no dearth of money to invest in cryptocurrencies in India.
At first glance this figure is difficult to believe. But since the figure is from the United Nations – that is, official – it cannot be ruled out either. There are two important clues from this figure. First, that the economy in India has really taken on a K shape. In an era when stories of destitution at the grassroots and medium levels due to pandemics and inflation are common, a section of society has enough money to risk investing it in activities such as gambling. The second sign is that the race to be more wealthy than the rich is now limitless among the sections of society who have money. The truth has come to the fore that during the Corona pandemic, investment in cryptocurrencies around the world increased at an unprecedented rate. According to the latest report of the United Nations Conference on Trade and Development (UNCTAD), during this period, the number of people investing in cryptocurrencies in India also increased rapidly. Today 7.3 percent of the Indian population has a digital currency.
In 2021, 15 of the 20 large economies were included in the developed countries in terms of the share of the population holding cryptocurrencies. India was ranked seventh among the top 20 countries in the world in terms of holding a digital currency in 2021. Cryptocurrency came to India about ten years ago. In 2018, the Reserve Bank of India banned cryptocurrencies. But two years ago the country’s Supreme Court lifted this ban and since then the cryptocurrency market in India has grown rapidly. According to a research organization, India’s cryptocurrency market had grown by 650 percent in a year till June 2021. Presenting the Union Budget this year, Finance Minister Nirmala Sitharaman had announced to bring crypto and NFT under virtual digital assets. A tax of 30 per cent was levied on the income earned from it. One per cent TDS levied separately. This gave a kind of legal recognition to crypto trading. However, the question remains whether it is appropriate to encourage activities whose conduct is deceptive.
