Cryptocurrency has made an indelible mark on the global economy. It has opened up an avenue that is being explored by young investors. This unconventional way of making profits was considered unsafe and risky a while back. The communities got more active on social platforms and the volume of trade increased in India. Cryptocurrencies solve very specific problems and the blockchain used is specific to that cryptocurrency. The last year has been a rather dramatic year for cryptocurrency. Not only were the investors forced to take notice of cryptocurrency, but the government has finally recommended a tax regime. A whopping 30% tax on cryptocurrency may dissuade investors who considered this a hobby.
What is 2022 bringing to the crypto economy that has not been seen yet? As volatile as this market is, there are some predictions that may be on point. Let us take a look.
The top cryptocurrencies to look out for in 2022
It is going to be exciting to see which cryptocurrency flips and which one will gain and which one will lose. There are a few cryptocurrencies that will continue to lead all over the world. Bitcoin, Ethereum, Tether, Binance Coin, U.S. Dollar coin, Cardano, Solana, Ripple, Terra, and Polkadot are the cryptocurrencies that look promising. They are expected to gain or retain their standing. These have shown considerable progress in the last few years and have been the favorites because of their real-world applications for a long time. The BTC to INR value remains highest at 33,78,353 rupees, while Ethereum to INR value is at the second position with 2,44,490 rupees at the beginning of February 2022.
The upcoming coins to look out for in 2022
There are some coins that were finding their feet at the end of 2021. Some of these coins have been catching on just as a trend and not due to their actual contribution to the applications of blockchains. Dogecoin, Shiba Inu, Avalanche, Tron, Chiliz, DigiByte, Bitcoin Cash, and many more. These cryptocurrencies have shown potential and are being listed on more exchange platforms. Most of them are also available on Indian exchange platforms as well. Polygon or MATIC is an Ethereum token that powers the Polygon Network. The MATIC coin price in India at the beginning of February 2022 is 150 rupees.
Tax regime and government expected in the future
The inclusion of cryptocurrency in markets has blurred the lines for many financial authorities. The lack of a central regulatory body of crypto often makes people uncomfortable. Till now, it was essential to declare any digital assets including cryptocurrency to the government. Although there is a proposed tax structure, it has been made abundantly clear that the legality of private cryptocurrencies is still not clear. There has been some news pertaining to a cryptocurrency that the Indian government would be launching in 2024 that will be controlled by RBI. A separate team is being formed to work on the future of cryptocurrency and stabilize its position in India. Any business activity that includes crypto (unless specifically exempted) is taxable under the CGST Act. Indian exchange platforms already charge GST from their users and this tax would be charged as a part of the trading fee. Recently, it has been suggested that cryptocurrency mining be treated as a supply of service as it generates cryptocurrency and charges transaction fees, and as such, should classify as an intangible asset.
Investing in cryptocurrency in India on an exchange platform
How often have you wondered if investing in cryptocurrency is the right thing to do? There are various exchange platforms you can sign up on and start trading. One of the best exchange platforms is CoinSwitch. It has helped numerous people get started on this profitable path by giving them the right information and a platform to experience the patterns of cryptocurrency. The articles and videos help beginners to make informed decisions and assist them in making choices about investment options. All you have to do is download the app and create your account. Once that is done, you can begin trading by finishing your KYC. To begin trading, add funds to your exchange platform account and you can start. CoinSwitch provides you with the facility of a wallet. You can manage the settings so that you get an alert regarding any ups and downs of the value of your cryptocurrencies or the ones on your watchlist. You can mark the ones you are interested to watch and as soon as you open the app, they’ll be right on the homepage.
These few details can make a lot of difference. Since the crypto market is a 24 hour market, a few seconds late can mean heavy losses. Using a robust crypto exchange platform ensures you stay updated at every minute of the day.
