It's bear market and there is a lot of negativity in the crypto market. Last year 2022 was not good for the crypto community worldwide but this year people are expecting the year to be better than the last year. The start of this year has not been going good but it is just beginning and hopefully things will be better and we can see some positive sentiments in the market.
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India is one of the country where things have been different than other countries. First the government is not in favour of cryptocurrency but they are also not trying to ban it. RBI which is the monetary authority of the country is not at all supporting the cryptocurrencies and they are trying to ban it how your it is outside their scope of work. The government wants to earn revenue through the crypto trading but they have least intention to make it easy for the people. We have seen in the past when the government it saying that they are exploring the possibilities but at the same time they have implemented taxation which is very high.
Now there is an update that the government is planning to start cryptocurrency awareness campaign and who this they want to make people understand and learn about the risks involved with cryptocurrency. I believe this is a good initiative because now who ever will feel comfortable with the risk appetite involved with this digital asset should be investing. Nobody is forcing anyone to invest in cryptomorket instead it is something that one can invest only if he has the interest and wants to deal with the high market volatility.
The Indian government is set to launch a crypto awareness campaign conducted by the Investor Protection and Education Fund Authority, a government body controlled by the Ministry of Corporate Affairs.
There are two things which are part of the taxation here and this includes tax rate and TDS which is 1%. The tax percentage is 30% without any slab and one percentage is applicable on all purchase orders. Because of both the components the trading volume has decreased a lot in the exchanges. All though we have seen a spike in international exchanges from the Indian users which is because of these rules applied by the government and relevant authorities.
I hope this crypto awareness campaign have people understand and learn more about the crypto and blockchain along with many other factors that are needed to understand before investing. Let's see how things are going to be after this as soon we are going to have it launched.
Thank you