Cryptocurrency is getting more attention even now when we are going through a bearish market cycle. I have seen that when the market is down then people focus more on development and innovation because they can save the time that they used to spend in front of charts and various analysis. Crypto is here to stay and we need to believe in this. Those who still think that it is a bubble and it might burst anytime then they are still living in a different world. It's been more than 5 years and we have seen quite a good amount of interest from the people across the. The period this has also involved and there has been a lot of improvement.
Just imagine buying a bitcoin 5 years back was not easy because there were very limited options. The number of exchanges was not I and even the offerings were limited because exchanges were not putting innovation in players to provide the best services possible. As of date, we have many exchanges that are providing better services which creates competition for other exchanges to follow.
While things are looking good as of now but still there is a debate going on about whether Crypto is a currency or an asset. India is one of the countries where it is considered one of the instruments where we can invest but it has not been categorized as currency or a tradable asset. The current tax mechanism is implemented on Crypto the same way as it is implemented with lottery games.
Its more of an Asset
If we consider Crypto as a currency then one thing is very clear a lot of countries is will not accept it because they might consider it as a threat to their Fiat currency. In this situation, mark Crypto as an asset that can be traded in the market, and one can also hold it for any period. When we call something currency then it affects the economy of the country and no government wants their Fiat currency to be in a tough situation and properly this is the reason why they are not interested in cryptocurrency.
Recently the finance minister of India has stated that they are going to encourage blockchain technology. While they are supporting the technology but they are also trying their ways to kick out the cryptocurrency. I don't know how they think like this and what the reasons make them talk like this. They need to understand that the cryptocurrency segment is decentralized which means there is no control like they can do on the Fiat currency. This is the reason why a lot of people are not interested in investing in the banks as well as the government. It's because the government try to control everything and now people are not okay with it yet so it is better to make another choice.
This Celerio can be sorted out if crypto is considered a tradition because this way people will have the option to trade with a free mind. I am not saying that taxes should not be there but they must be reasonable so that any type of crypto investor can pay off the tax liabilities responsibly.
Sampat countries have started accepting Crypto as a payment option but there is a major chance of the countries in the world who are still not clear with their stand. Hopefully, they should be able to figure out that this is a good option to consider I an asset than current,y and this way they can empower the economy through the Bose provided by the cryptocurrency sector. Cryptocurrency is something that I considered as many and also as afraid which I can trade or hold as per convenience. I just hope that the governments do their part to understand it better so that they can plan things accordingly and bring some policy that is favorable to Crypto.
Thank you