Taxation on crypto was introduced in India this year in April 2022. It was expected that this is going to help the community but later things turned out to be different and surely not favorable for the industry. The flat tax rate is 30% without any slab so whatever is earned will attract 30% tax and this amount is so high. Later TDS was also introduced effective July month and this one percent is applicable on all the transactions for crypto purchases. This is not applicable in sale orders but whenever it is purchased then one person's TDS is applicable.
People were expecting that later government might change it however that did not happen till now and even looking at the current scenario you cannot expect it to happen. That is not all because the crypto exchanges started facing problems from the bank side as well. Some banks had denied them support for banking transactions. It is because these banks are considered in crypto as a thread and they want all the possible options to adopt and stop supporting crypto exchanges. In India, there are a lot of people who do not own crypto so they need the option to buy cryptocurrency using Fiat currency for these deposits, and withdrawal through INR is required.
[img source-email from wazirx]
Wazir X is one of the exchanges it was acquired by binance but now there is no clarity on whether it is still owned by the international exchange Binance or not. Wazir X exchange war enables to the provision of deposit and withdrawal options to users due to banking issues. They had provided the pear to peer option for making first transactions with Fiat currency but it is not easy to do. There is a dependency on the situation which is not easy for anyone and a lot of people still do not feel comfortable using the pear to peer options.
Finally, not exchanging can enable banking deposits and withdrawals which is good news. These days the crypto market is not doing well but still, there are a lot of people in India who want to buy crypto. Providing Fiat deposit and withdrawal options gives they more flexibility and easy options to buy cryptocurrencies. Some people still own one crypto and they can buy another one using it but this percentage is very less compared to the number of people who have no crypto in their wallet. So the majority of people in India are still not part of the crypto but they should be so that the entire ecosystem grows faster.
I got an email from the exchange that they have enabled INR deposits using a couple of payment options. I do not trade much in the Indian market so it is not very useful for me however it is great enablement for people who want to be part of the script of the industry but are unable to do as they have no access to international exchanges.
I hope that it will help the people in India and also bring a lot of new users as they cannot deposit money with ease and I am sure they will be able to buy the first crypto in the same manner. We need more people in the crypto market so we must provide easier options to people so that they can be part of this growth and move forward with their financial planning and investment.
Thank you
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Aha this is good news for sure, i am not using it anymore but i do have few funds there maybe in the future i will again start using. For now i don't to get involved in that things 😉
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Wow!! Nice movement
It will help people to purchase easily
Yay! 🤗
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I have heard in the past about this exchange, which I understand is the largest crypto exchange in India. Thank you for this update. It is a time that is tough for medium and small exchanges, but this is a good news