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Is Cryptocurrency Legal in India?



Cryptocurrency Legal in India

Whether making Cryptocurrency legal in India or not is still up for debate, but the Supreme Court asked the government to be very clear about its position. The national government is drafting a bill to control cryptocurrencies and other digital assets in India. In the Union Budget 2022, Finance Minister Nirmala Sitharaman announced that the federal government would impose a steep tax of 30% on virtual assets, such as cryptocurrencies and Nonfungible Tokens, or NFTs. Budget 2022 suggested creating a new section 115BBH to impose income tax on cryptocurrencies and other virtual assets in order to implement this crypto tax.

According to finance minister Nirmala Sitharaman, taxing cryptocurrencies does not make them legal tender in the nation. The nation has the right to impose taxes on cryptocurrency transactions, and these taxes have hit the Indian crypto market hard. The finance minister stated that an official position on regulation wouldn’t be taken until the ongoing consultations were over.

The Directorate of Enforcement (ED) of the nation is making rapid progress with its investigation into any potential foreign exchange.

According to reports, the ED is looking into every aspect of the offshore transactions carried out by the Indian exchanges. The amount of domestic money that left India is being estimated by the Indian authorities, and is a big factor in whether to make Cryptocurrency legal in India or not. Transaction histories and the companies’ involvement with foreign exchanges are hidden from view for that reason.

When an assessee’s total income includes any income from the transfer of virtual digital assets, the proposed section 115BBH seeks to stipulate that the amount of income tax that is due is equal to the sum of the income tax that is due at the rate of 30% on such income and the amount of income tax that would have been due had the assessee’s total income been reduced by the sum of those incomes, according to the Budget 2022 Memorandum.

From Assessment Year 2023–2024, the recently proposed cryptocurrency tax will be in effect. In the upcoming fiscal year (2022–2023), all of your cryptocurrency-related income will be subject to a 30 percent tax rate. For FY 2021–2022, investors must pay taxes in accordance with the current tax regulations.

With this law, the Indian financial authorities have essentially clamped down on the newly emerged financial market due to fear of financial instability, especially given the recent crypto crash.

Prime Minister Narendra Modi stated in November that cryptocurrencies could “spoil our youth” after the central bank had repeatedly warned that cryptocurrencies could pose “serious concerns on macroeconomic and financial stability.”

This view on the dangers of cryptocurrencies comes, ironically enough, despite some pretty impressive statistics, and have been taken into consideration when discussing whether to make Cryptocurrency legal in India.

One of the largest and fastest-growing cryptocurrency markets worldwide is found in India. There are 15 domestic cryptocurrency exchanges in the nation.

According to industry data, there are between 15 and 20 million cryptocurrency owners in India, with estimated holdings worth $6 billion (€5.31 billion).

Despite this, the Indian cryptocurrency market remains under stringent scrutiny that appears to persist for the foreseeable future.

Inside Telecom provides you with an extensive list of content covering all aspects of the tech industry. Keep an eye on our Technology and Blockchain sections to stay informed and up-to-date with our daily articles.

Junior social media strategist with a degree in media and communication. Technology enthusiast and freelance writer. Favorite hobby: 3D modeling.

Blockchain - Cryptocurrency

How to Buy Pi Coin in India



Buy Pi Coin in India

In the realm of cryptocurrencies, the Pi network is an unusual example. Despite receiving a lot of interest and attention, it is not available anywhere. The Pi coin is currently only available through mining, and so you cannot buy Pi Coin in India or anywhere else as of yet as it has not yet been listed on any cryptocurrency or non-crypto exchange.

The Pi coin has a large following despite not having a price yet; the project’s straightforward idea and strong technological base have already drawn quite a few cryptocurrency aficionados. The Pi network has a vibrant community that has stuck around despite the recent crypto crash, and its user base is constantly expanding.

How Can I Buy Pi Coin in India?

You must register for an account with a cryptocurrency exchange in India in order to trade or sell Pi coins. Despite India’s rough stance on cryptocurrency exchange that leave many in the dark, you may purchase Pi coins and trade them for any other cryptocurrency on multiple exchanges.

To keep track of PI transactions, you may also download the Pi coin wallet app from the Google Play store. However, as PI is still in the testing stage, purchasing it is not an option. In the third phase, when Pi transitions to a fully decentralized blockchain, users who have mined Pi can transfer or withdraw their money.

When the Pi Network opens up and releases to the public, which should be sometime between mid-2022 and 2023, you will likely be able to purchase it on multiple crypto exchanged as the crypto coin is especially popular in India due to its simplified, cheap, and convenient mining ability.

If you’re wondering where to buy Pi Coin in India, it involves five steps. After the account has been opened, it must first be registered. Before individuals can start investing in Pi Coin, they must first complete the KYC procedure, Google 2-Step Verification, and provide bank information.

Can I Buy Pi Coin in India with Regular Money?

Many cryptocurrency exchanges are accepting fiat currency directly. However, some may require you to first purchase a stablecoin such as USDC or USDT and then use that stablecoin to purchase cryptocurrency. BuyUcoin, one of India’s leading crypto exchanges, will allow you to buy Pi Coin in India using the local currency.

Best Cryptocurrency Exchanges in India

  1. BuyUCoin
  2. Binance India
  3. WazirX
  4. CoinDCX
  5. CoinSwitch Kuber
  6. UnoCoin
  7. Bitbns

Since the network is still in its second phase of testing, the price of PI in India at the moment remains unknown and cannot be accurately predicted. Users will be able to exchange it when Phase 3 is released, just like any other currency.

Based on Pi Network’s performance, it is anticipated that the currency would start off with a relatively low value compared to the USD and gradually climb over time as the adaptation rate rises. Based on the statistics, it is anticipated that the PI coin would significantly alter the cryptocurrency landscape.

Inside Telecom provides you with an extensive list of content covering all aspects of the tech industry. Keep an eye on our Technology, and Blockchain sections to stay informed and up-to-date with our daily articles.

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Blockchain - Cryptocurrency

The Crypto Bear Market has Begun: How to Make the Best of it



Crypto Bear Market

It is obvious that the crypto market is having a hard time, to say the least. A plethora of terrible circumstances, triggers, and occurrences culminated in the perfect storm that shook the entire crypto market to its core, and we now find ourselves in a massive crypto bear market. However, while the losses have been staggeringly high, some investors’ hopes have been even higher.

It is extremely understandable why many see this crash as the end-time for the world of crypto, given all that is going on in the world. The war in Ukraine rages on, inflation soars, and recession concerns mount. Investors might be excused for selling out and going dark for a while, given the constant news and dire predictions of rising energy prices, rising interest rates, recession risks, and firm closures.

A market is termed to be in a “bear market” if it lost more than 20% in a single year. Ether is down 43%, bitcoin is down 35%, and several other currencies are down much more in 2022. While bear markets are inevitable, it can be hard to produce when they are coming, how long they last, or how bad they get.

Let’s go over some ways to make the best of the crypto bear market, mitigate losses, and surf the waves to a profit.

Risk Assessment

The reality that older plan members have less time to make up any such losses before retirement and that workers with bigger account balances have a lot more to lose in a crypto bear market cannot be avoided no matter how much dollar-cost averaging is used.

An investor who is nearing retirement should approach a bear market considerably more cautiously than a younger worker with a lower account balance does, taking into account the balance of risk and return. But frequently, it isn’t the case.

It is up to you to decide what asset allocation will provide you peace of mind and protect your future given your age, financial situation, and risk tolerance. Figuring it out and acting appropriately is more crucial than giving in to lethargy.

Average Dollar Cost

Regularly investing a certain amount in stocks, whether through a 401(k) or a Roth IRA, will cause you to purchase more when market prices decline and less when they increase, somewhat improving your prospects.

In addition to the advantages of making monthly contributions to any tax-advantaged savings account, dollar-cost averaging has additional advantages. Contributions and employer matching usually make up two-thirds of the yearly balance rise for 401(k) plans, while investment returns make up the remaining one-third. 3 This shows that many 401(k) participants have the resources to promptly rebalance their accounts after downturn markets.

There can be a significant difference in profits and losses related to the size of your 401K.

Diversify your Investments

Growth equities suffer worse during bear markets than value ones do. By lucky accident, despite the decreased risk, lower-risk equities have produced long-term returns comparable to those of riskier ones. 7 That implies any diversification into value stocks, even if it is overdue and occurs during a down market, can pay dividends both literally and symbolically long after the crypto bear market is gone for portfolios heavily weighted toward speculative stocks.

A diverse portfolio includes cash in some form. Even if it doesn’t produce much, it nevertheless serves as a reserve of purchasing power that may be easily mobilized should chances arise during a weak market.

Although it should be no cause for worry, bear markets are a wonderful opportunity to check that your portfolio is adequately diversified and de-risked. Be aware of the amount at stake and the amount of time you have to make up for any losses.

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Blockchain - Cryptocurrency

What Led to the Crypto Crash? The 5 Main Factors 



What Led to the Crypto Crash

The entire crypto market has been playing limbo, seeing how low it can go day after day. As the lowest plunge hits an 18-month record low in overall value, we are all left wondering what led to the crypto crash and what the biggest factors were that culminated in the perfect storm of recent months.

The two biggest cryptocurrencies on the market, Bitcoin and Ethereum, have recently dropped by around 60 percent to below $20,000 in value and a total of over 25 percent to just about $1,000, respectively. The crypto market as a whole fell just below its $1 Trillion market value by about $20 billion, and almost every single crypto token on the market is seeing nothing but downward-pointing red arrows. In this article, we explore the main reason behind the crypto crash.

The Luna-Terra Crash

The smallest of the dominos that seemingly set off the chain reaction, the Terra-Luna crash, while not an astronomical level of destruction by itself, shook crypto investors to the core. The rippling paranoia that lingered as a result of stable coin falling, which lost investors billions and wiped out entire life savings, may have sent fear-driven cracks up the crypto market as a whole and later manifested in the below.

The Stock Market

As any long-term crypto investor should know, it is always worth keeping an eye on the equity and stock market if you want to make wise decisions because the crypto and equity markets are inherently linked. When the stock market dips, so do cryptocurrencies.

It has been a rough year for the S&P 500, as tech firms like Amazon, Tesla, and Apple fell more than 6%, and the Russian Ukrainian conflict only adding fuel to an unstable fire. And the crypto market, of course, followed a similar general pattern.

The Rise in Interest Rates

The US Federal Reserve has agreed to raise interest rates in an effort to curb inflation. According to a Wall Street Journal story, the Fed will employ an aggressive plan to raise the cost of debt, reduce spending, and control record-high inflation. Commonly regarded as a leading recession predictor is the aggressive increase in interest rates.

The Fed’s decision was among the biggest reasons for what led to the crypto crash as panic selling spirals on. Following the announcement, both the stock market and the cryptocurrency market had a sharp decline. Investors lost faith and started selling off their digital assets, which caused carnage in the cryptocurrency market.

Regulatory Hurdles

As they work to regulate cryptocurrencies, governments throughout the world have been closely watching the global crypto market as it experiences wild ups, downs, dips, and surges.

While some governments are heading toward different regulatory frameworks regarding cryptocurrencies, taxation, tight restriction, or a free-market approach, much of the world still does not have a comprehensive legal guideline to keep it in check. That is a mess of instability waiting to happen.

Celsius Network

Decentralized finance company Celsius Network said on Sunday that it is blocking all cryptocurrency transactions due to “extreme market conditions.” All the cryptos fell during the massive sell-off that followed the closure.

The firm had stated in a blog post that it was taking this crucial decision to stabilize liquidity and operations while taking actions to preserve and protect assets. They also said that in keeping with their commitment to their consumers, Celsius would continue to give users rewards and incentives throughout the break.

As is often the case when big things topple and crash, it is often not a single factor but a slew of circumstances, triggers, and occurrences within a wider world that brings everything down in the end. 


There were a number of factors that all together culminated in the collapse of the crypto market after takin several hits from regulatory bodies, to investor fears getting out of control and the overall global economy.

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