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Will cryptocurrency be banned in India?

Latest reports say cryptocurrency may not face a complete ban in India. The Centre may soon set up a panel to regulate them. The decision was taken after several cryptocurrency exchanges urged the Centre to regulate virtual coins rather than banning them. Is cryptocurrency taxable currently? Yes.

What is the history of cryptocurrency in India?

Cryptocurrency emerged in India for the first time around 2009 in the form of Bitcoin. The first commercial transaction occurred in 2010, followed by the first cryptocurrency exchange in 2013. It has garnered a significant following and interest in India over the past few years.

What is India's cryptocurrency Bill 2022?

India’s cryptocurrency bill came into full force in April 2022, sending crypto trading volumes at some of the country’s largest crypto exchanges into a slump. India’s Finance Bill 2022 imposes strict tax regulations of 30% on digital assets for holdings and transfers, making it much harder for locals to start investing in cryptocurrency.

What are the top crypto exchanges in India?

Some of the top crypto exchanges in India are — WazirX, CoinDCX, Coinswitch Kuber and Unocoin—users have to sign up with their KYC credentials, download the app, and buy cryptocurrency. These exchanges also help you to monitor the value of cryptocurrency and buy or sell it. Crypto exchanges rely on investors for the possession of cryptocurrency.

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