After Donald Trump’s triumph in 2024 presidential election in U.S. there has been surge in Crypto investment and crypto market soarded specially Bitcoin, as soon Mr trump won bitcoin rose by 33 percent till Nov 18th 2024 and in past month it rose up to 34%. Shortly after the election results, the value of Bitcoin surged to over $89,000, a 30% rise in the week preceding November 12, 2024. Other cryptocurrencies saw a remarkable 152% gain, including Dogecoin.
This rise may be linked to investor confidence brought on by anticipation for more transparent rules and a potentially crypto-friendly US government. Globally, the ripple effects are evident. In India, Bitcoin more than doubled in value from the previous year, reaching record highs of over Rs. 68.9 lakhs (about $84,000).
India and Cryptocurrency
Bitcoin and cryptocurrency firms in India have been optimistic about marketing and advertising since the spike in cryptocurrency investments. Numerous companies have started new initiatives to spread knowledge and awareness about cryptocurrency. A meeting was recently arranged by Binance to discuss the prospects of cryptocurrencies in India.
Fall of cryptocurrency in India
Crypto exchanges benefited greatly from the epidemic, as businesses increased their advertising expenditures by over 100% in 2020–2021. Celebrities like Ayushmann Khurrana and Ranveer Singh served as the faces of cryptocurrency companies.
However, several cryptocurrency platforms cut their advertising spending by 80–90% once the 30% tax on bitcoin transaction proceeds was implemented in 2022. These businesses faced difficulties as a result of the high tax rate, which forced them to reconsider their marketing plans and spending. Leaders in India hope that the good atmosphere around cryptocurrencies in the United States would have a beneficial knock-on impact.
If you are thinking of purchasing cryptocurrency in India don’t purchase instantly, you must study everything about cryptocurrency like what is cryptocurrency? How can I invest in cryptocurrencies?
Let’s suppose you want to invest in Bitcoin so follow step by step guide
Step1- Register and verify you account on a crypto App
There are a lot of reputable cryptocurrency exchanges that operates in India such as CoinDCX, AngelOne, Wazir X etc. To comply with regulatory standards, create an account by entering your personal information and undergoing KYC (Know Your Customer) verification. For your transactions and assets to be secure, this step is essential.
Step 2- Add Funds to Your Wallet
You must fund your exchange wallet before you can purchase Bitcoin. The majority of cryptocurrency exchanges accept net banking, NEFT, and IMPS as payment options. All of the main UPI apps, such as Paytm, PhonePe, and Google Pay, are supported by the majority of cryptocurrency apps.
Step 3-Place your crypto order
Now you are ready to buy any crypto like Bitcoin and all you have to do is buy bitcoin and enter the amount, do check your current balance. Lastly pay the amount and you are done.
Important considerations before purchasing bitcoin or any other cryptocurrency
It is crucial to have a sound investment strategy and educate yourself on the legal environment before investing in Bitcoin. You may invest with confidence and reduce the chance of causing trouble with the authorities if you are aware of the regulatory environment.
To begin with, it is legal in India to hold and trade Bitcoin and other cryptocurrencies. Cryptocurrencies are categorized as “virtual digital assets” (VDAs) by the Reserve Bank of India (RBI). Although they are not regarded as legal currency, this shows recognition for tax reasons.
Also Read: How To Invest In Stock Market In India- Know all before investing
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Every cryptocurrency business must follow KYC, AML, and Countering the Financing of Terrorism (CFT) guidelines set forth by the Financial Intelligence Unit (FIU). Exchanges that violate these rules risk being banned, as was the case recently with Binance and eight other foreign exchanges. Since Mudrex complies with all FIU regulations, you can be sure that your assets won’t be frozen.
Investors must also pay 1% Tax Deducted at Source (TDS) and 30% tax on the capital gains from cryptocurrency transactions. Although traders view this tax structure as a disincentive, its goal is to monitor transactions and assure compliance. You may be punished or even imprisoned if you don’t pay your cryptocurrency taxes.
