Exchange will permit the customers to buy the crypto currencies using interface of Unified Payments. It is the payments mode which makes up about 60 percent of the retail payment volumes of country.
The Nasdaq-listed exchange of US cryptocurrency which starts retail trading in India. It mainly comes at right time when the crypto exchanges as well as investors are now dealing with impact of the heavy 30 percent of taxation. This taxation is imposed by government on the gains from the VDA or also known as Virtual Digital Assets that includes crypto.
The announcement also has invested amount $150 million in crypto of the country and also the Web 3.0 startups. The Coinbase of CEO, Brian Armstrong says at an event of the company. We are significantly investing in India. It will be my first visit and we will yet stick here for long.
Crypto trading and retail investment
On company’s timing of the starting of trading while taxation has also impacted the trading volumes. The numbers or the tax rate is quite high, but we look for long term and not other opportunistic time. Here, you know, we do not time it. We look to get start and to experiment just similar to any company that is operational.
The fact is that Crypto is complex. It takes various conversations, for educating and understanding about implications. Also, how the technology may benefit India. This is most crucial important point, also we need to to get engage in such conversations.
We wish to listen as well as learn from community from different developers. And from government, the regulators in quite positive way. As per announced taxation TDS will get applicable on crypto transaction. The move is also expected to drive the volumes down and it also let to discourage investors. In the meantime, RBI has maintained the stance to impose a ban on the trading of crypto.