A blockchain data tool has reported that India has become the country with the most cryptocurrency users, even though it has some of the most complicated tax rules.
According to a study by Chainalysis, India is at the top of the Global Crypto Adoption Index. Based on the expected number of transactions, India has become the second-largest bitcoin market in the world, beating countries with better economies.
India is doing well in the field of cryptocurrencies, even though the country’s laws and finances make it hard for the sector to do well. Profits made from cryptocurrency are taxed at a rate of 30%, which is higher than the tax rate on other assets like shares. All transactions are also charged a tax collected at source (TDS) of 1%. Under this tax system, cryptocurrency companies are required to take taxes out of their users’ funds while they trade.
The study by Chainalysis shows that the countries of Central and Southern Asia and Oceania (CSAO) have a big position in the list of countries that use cryptocurrencies. In particular, six of the top ten countries in this area are India, Vietnam, the Philippines, Indonesia, Pakistan, and Thailand.
Chainalysis shows that crypto growth in CSAO countries is affected by many different factors, which means that different types of coin services are used in different ways. As an example, it’s interesting to note that a lot of coin online traffic from the Philippines goes to games and gambling sites, while Vietnam has a lower amount in this area.
The story shows how cryptocurrency can be used in different countries, such as as a way to protect against hyperinflation in Pakistan and as a way to make extra money in the Philippines.
In the top 20 of the Crypto Adoption Index, there are also countries from the Middle East and North Africa (MENA) region. In particular, Turkey is in the 12th spot and Morocco is in the 20th spot.
In general, the piece says that cryptocurrency could help a lot to close the digital gap and make it easier for people in developing countries to get access to banking services. This shows that bitcoin can spread around the world and help lower-middle-income countries, where the most people don’t have access to standard banking services.
Even though its value goes up and down, Bitcoin is still a valuable product on the cryptocurrency market. Its value has recently gone back up after briefly falling below the $25,000 mark. Even though they are volatile, cryptocurrencies have always attracted a lot of attention and funding around the world, with India becoming a major star in their use.
Original story by: The National
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