Hello there, all hive users. How are you and how is life treating you? I hope you are all well and enjoying life with your loved ones. First and foremost, I want to congratulate the INDIA UNITED team on successfully managing the first-ever contest and awarding great prizes such as the Leo token. I really appreciate your hard work, which is very beneficial to newcomers and other users who want to advance in this community. It is my hope that more weekly contests will be organised so that we can demonstrate our confidence and win prizes.
Let us now turn our attention to the contest topic, JOURNEY OF CRYPTOCURRENCY IN INDIA. I don't know much about their journey, but the few important details I do know will be shared with you and will be part of the contest. India's crypto journey began with no such restrictions, and Indian users still account for 20 to 30 percent of all cryptocurrency holders. That is a substantial sum in which they are involved, but the recent bad news is the country's ban on cryptocurrency currency.
After much debate, Indian Prime Minister Narendra Modi declared a 30% withdrawal tax. This tax is another bomb dropped on his citizens, and I'm not sure if their people agree with this percentage. It means that if you earn money from cryptocurrency, you must pay a monthly 1% tax to the government, making it extremely difficult for their citizens to earn money. They have a large number of exchanges, including WAZIRx, COINcred, COINLORD, and iNDOEX.
On May 30, 2022, India released its national coin, which is. Gandercoin, a cryptocurrency, was introduced to the market. This coin is almost listed on many of the exchanges, including the ones I mentioned above. The coin's creators believe that this coin will benefit humanity as well as the Indian economy. With a good market supply, the price is currently around 10 INR, which is equivalent to 0.13 to 0.15 USDT. According to the founder of this coin, this coin is backed by great technology and has unique features of digital assets.
The crypto journey in India has many ups and downs, with their citizens happy at times and sad at others due to bad decisions. This is an overview of the journey that I know about and have shared with you. It is possible that I am incorrect about some information, and it is my desire to be corrected. I'm hoping to be accepted into the contest and have my entry counted.
Thank you, and good luck.