All Cryptocurrency Prices in India (INR – Indian Rupee) and Cryptocurrency Marketcap
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What is Cryptocurrency and how does it work?
Cryptocurrency is actually a means of financial transactions. Exactly like the Indian rupee and the US dollar, the only difference is that it is virtual and not visible, nor can you touch it. That’s why it is also called digital currency. Its entire business is done through online medium only. While there is an intermediary between the transactions of any country’s currency, such as the central bank in India, but the business of crypto has no intermediary and is conducted online by a network. This is the reason why it is known as unregulated market, which makes someone rich in an instant and throws them to the ground in a jiffy. But despite this ups and downs, the popularity about it is increasing. Simply put, cryptocurrency is a type of digital cash system, which is linked to a personal computer chain and is built on computer algorithms. There is no control of any country or government on this. Its popularity is increasing in such a way that many countries have legalized it.
How to Buy Bitcoin (Cryptocurrency) in India
Buying and selling Bitcoin (Cryptocurrency) is not a difficult thing, if you have ever made an online payment, with the help of any website or mobile app, then you can easily buy and sell bitcoin to buy bitcoin in India. You have to use a website or mobile app and there are lots of Cryptocurrency Exchanges of India from where you can buy and sell bitcoins, whose name is WazirX, CoinDCX, CoinSwitch Kuber, UnoCoin, BuyUCoin and Zebpay.
How Cryptocurrencies are Taxed in India
In India Taxes will have to be paid on profits earned from trading cryptocurrencies in the country from April 1, 2022. A law related to Cryptocurrency was proposed in this year’s budget and it was passed in Parliament. With this, virtual digital assets will come under the tax net in the country. However, there is confusion regarding the definition of virtual digital assets. Profits from Cryptocurrency trading will be taxed at 30%. Apart from this, TDS of 1% has also been implemented on every crypto transaction.