Indians Hold $40 Billion in Cryptocurrency, Report Suggests
Crypto investments in India have been gaining significant traction over the past year, blockchain data indicates. Despite the ambiguous regulatory situation in the country, more than 15 million Indians have bought or sold digital currencies. Indian Crypto Investments Increase Amid Regulatory Uncertainty A growing number of Indians have put money into cryptocurrencies in the past year, which saw major coins hitting all-time market highs. Investments in crypto assets have increased from around $200 million to almost $40 billion, Bloomberg reported, quoting blockchain forensics firm....
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India is the world’s largest receiver of remittances. Besides making it faster and easier, Bitcoin could help India save up to $7 billion in fees paid to international remittance companies and add this amount to the country's wealth. According to India’s Economic Times, foreigners living in Gulf countries, most of which are Indians, sent about US$100 billion in remittances. A lot of these Gulf-based Indians are working as blue collar workers and have families that are dependant on them back home. However, there is not only money being sent back to India. In fact, a lot of money is also....
Many Indians have signed a petition for the government to introduce reasonable crypto tax policies. This week, India’s finance minister, Nirmala Sitharaman, proposed taxing crypto income at 30%. Indians Sign Petition Urging Government to Rethink Crypto Tax Proposal A petition has been initiated on Change.org for the government of India to “introduce reasonable crypto tax policies.” Finance Minister Nirmala Sitharaman said during her Budget 2022-23 speech earlier this week that crypto income shall be taxed at 30% and no deduction, except the cost of acquisition, will be....
Indians visited crypto scam websites nearly 10 million times last year, according to blockchain data analytics firm Chainalysis. The top crypto scam sites alone were visited 4.6 million times by Indian users.
Millions of Indians Visit Crypto Scam Sites
Indians visited scam crypto websites in droves over the past years, according to data from blockchain analytics firm Chainalysis.
The firm found that Indians visited cryptocurrency scam websites 9.6 million times last year. In 2020, the figure was much higher. Crypto scam websites were visited 17.8 million times....
Investment funds worldwide hold a collective bitcoin supply worth $43.2 billion, spread across various investment vehicles, per a new report.
A new report published by investment bank, Needham & Company, suggests that Bitcoin is undervalued by potentially as much as 58%, or $200, at the moment. Bitcoin is currently valued at around $412, but this is obviously subject to change at any time, but the report suggests that Bitcoin should in reality be valued at around $655, an increase of around 58%. The investment bank estimates that around 75%, or $4.8 billion, of Bitcoin’s market cap of $6.3 billion is being treated as an investment, and makes the suggestion that investors wishing to see large profits should buy shares in the....