Hello friends,
I am doing good, and I hope that you are having a good time with your near and dear ones.
Bitcoin etf is the big news and the Crypto community is excited as it might be more valuable in the market. I think expecting an instant impact is not the right way but we can expect more in the next few months. This time, the price for Bitcoin is falling and some people are saying that it is the reason behind Grayscale is selling its BTC. I'm not an expert and I don't know how things are happening like this but I don't think it's a matter of concern.
Even after this much big news, the Indian RBI governor does not believe in Crypto. He was anti-crypto and even after this big news update by the Security and Exchange Commission, he has the same stance on the cryptocurrency market. As per him bitcoin is a risky investment and India cannot follow what us has done. I don't know about what India is doing as a country in this area of blockchain and crypto. North Island is working on the legalization of crypto and this is big news but it is not affecting India in any way because the RBI governor still thinks the same that it is not worth their time and attention.
There are many issues for Indian crypto traders because international exchanges are targeted by the government. The government has started banning the application and URLs for international exchanges. A notice was issued to all international exchanges in the last week of December month and within two weeks they started banning the Urls. The Indian government wants international exchanges to comply with their guidelines and follow the tax laws and noncompliance will lead to the ban of their services in the country.
The government is completely following a different approach because they are also not looking into the tax which is very high for crypto investors and event TDS is 1%. Tedious is not the tax but it reduced the trading amount faster because one per cent is a big amount on trading. It is the time when organizations like RBI need to understand more about Crypto and blockchain technology before making any investment statement in public. But it is not happening and the RBI governor Sakuntala Das continue to give statements in the open domain that he does not support Crypto and he does not believe in Bitcoin at all
I am not a trader but I know some people who trade in crypto. They are not happy with the URL ban because now they cannot read on international exchanges and if they trade on Indian exchanges it will cost them a lot. First Indian exchanges are charging higher brokerage and volume is also a problem. Indian exchanges also do not have valuable coins listed which is another problem for a regular trader in India. Even the support system is not up to the mark of Indian exchanges so there are multiple issues that need to be addressed by exchanges and the government. Banning the URL and seeing that India is not adopting the crypto innovation is not right instead going in details and concluding is the right way.
Thank you
Peace @mukund123