A deeper understanding of cryptocurrency is necessary before we can understand India’s first cryptocurrency. For more information, please visit BitcoinSmarter.
What is Cryptocurrency?
Cryptocurrency can be described as a decentralized digital money model. It is built with blockchain technology. It allows every transaction to be broken into one unit of the ledger. These transactions are then kept in public ledger book. Another fascinating aspect of decentralized finance is its ability to store transactions in public ledger books. Cryptocurrencies are transparent and secure for all transactions. In order to make payments, there is no third party. This includes the central banking, regulatory agencies and tax regulatory authorities.
Cryptocurrencies include data mining, as well as the blockchain platform and decentralized financial model. Each transaction made using blockchain technology must pass a data validation procedure. It involves solving complicated mathematical algorithms to execute and verify a transaction. There is an increasing demand for data miners due to cryptocurrency’s investment model and growing interest.
Global market growth of cryptocurrency
The many advantages of cryptocurrency are numerous. It is being used by leading companies and online platforms. This investment model has received support from multinational companies such as JP Morgan Chase, Tesla, and Microsoft. Many countries today are considering making this currency legal tender. El Salvador was the first country to accept cryptos. Some countries have begun to tax citizens who invest in cryptos. All capital gains you make from crypto investments are tax-deductible. These countries have also connected to crypto exchanges. These exchanges, in turn, provide information on investors and are subject under the tax regime.
India, and interest in cryptocurrency
Market analysis shows that India ranks first in crypto investment overall. Given the rising volume of investments, India’s government has closely monitored this investment model. This transaction model has been monitored by steering committees. The government also stated that this investment model was under its control in the 2021 budget session. These investment models have many benefits and are currently under review.
The government also announced a tax implication for this investment in the budget session 2022. The Union finance minister clarified the fact that crypto investments by its citizens will be subjected to a 30% tax regime. Also, it was clarified that capital gains cannot be combined with capital losses. This working model applies to profits from stocks, gold, or other investments. A 1% TDS will apply to any cryptocurrencies that are transferred from one person to the other. Although cryptos are now subject to the tax regime, the government may also consider adding additional controls. Cryptos may soon fall under the GST regime. This includes an 18% tax effect on goods and services taxes.
What is Big Bull,
It was a landmark week in India’s cryptocurrency market. Big Bull was the first cryptocurrency to be launched as part of the Initial Coin Offering. This is India’s first cryptocurrency and comes with multiple trading tools. This cryptocurrency is based out of India. Big Bull becomes the first Indian native currency to join the global crypto markets.
Features from Big Bull cryptocurrency
This is India’s first cryptocurrency to enter the global market. Last week, the Leela in Mumbai announced the successful launch of this cryptocurrency. The crypto is scheduled to be listed under 11 popular cryptocurrency exchanges. It will be built using the BSC platform. The coin allows purchases with minimal transaction fees or even zero. The coin will be available for purchase starting at INR 1 per coin. Additional information is available about the possible price increase. An incremental increase in price will occur for every 100,000 coins sold on the exchange.
During the press conference, Big Bull crypto developers explained that they intend to reach larger audiences. Big Bull is not looking to make cryptos an expensive investment. They want it to be affordable for everyone.
