India ranks second in the Crypto race globally. According to a report, India has reported a tremendous rise in the number of users in the country. India stood next to Vietnam, quoted an official with an insight of the report. Neighbouring Pakistan stood next after India and Vietnam. The report also noted here that “while India, Vietnam, and Pakistan all have high levels of grassroots cryptocurrency adoption, they’re quite different in terms of the raw transaction value.”
The report also cited the reason behind the surge based on the inputs given by industry experts. Krishna Sriram, Managing Director at Quantstamp, was cited in the report as saying, “Tons of Indian developers, fund analysts, and independent freelancers working for overseas employers have started requesting to be paid in cryptocurrency.”
The rise in the investors comes days after the Finance Ministry slapped 30 per cent tax on digital assets. From April 1 2022, 30 percent tax plus cess and surcharges on such transactions would be added. Participating in the Post Budget interaction organized by industry body PHD Chamber of Commerce and Industry, Ms Nirmala Sitharaman responding to regularization of crypto stated that the consultation process was still going on. “ We will soon come up with a clarity, she said.”