Unveiling the Crypto Drama: Bulls, Bears, and Regulatory Bills

Nowadays, we have seen that for the last few months, a good volume is being created in the crypto market and people are also investing a lot, although most of the investors are big institutional forms. But still, whatever the reason, it feels good to see the price of crypto rising. is it happening after many years? Hurry up, it feels even better. BTC was almost at its all-time high before a big dump again. It seems some people are predicting that it may go further down after halving, let's see what happens, only time will tell. Anyway, it feels very good, to see greenery everywhere, there are still many people's portfolios are in a loss, and I am one of them because perhaps I had taken everything at my all-time high, yes, it is not that much but then again Whatever is there is in loss only.

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Many governments are not happy about blockchain technology or cryptocurrency, they simply consider it an illegal way of doing work. Yes, it is adopted in many places but it is not so everywhere. It also has a lot of positive impact, as you can see if you search, yes, it costs a lot to mine and also generates pollution, yes, I am talking about BTC only. Perhaps now some company is trying to mine BTC by setting up a solar plant. Let's see whether it is successful in doing so or not. Only time will tell. If it is successful in making money then perhaps it will have a very good positive impact on the mining of BTC. By the way, our government is also not so happy about this, they passed the Crypto Currency Regulation Bill about 2 years ago, under which we will have to pay 30% tax on any withdrawal and 1% TDS on every trade.

Yes, this bill was being discussed for many years and people were scared at the same time, they did not think that they would have to pay so much tax, but still people are doing business, still don't know if they can make the same profits as before. Whether it is there or not, still everyone is doing something or the other. Ever since the bill came into effect here, people had decided to leave the national exchange and go to the foreign exchange and perhaps it was necessary to show it because 1% TDS on every trade. But another 30% on each withdrawal is quite big or quite high wherever you go. But recently, under the decision taken by the Government of India, many exchanges have been made in India and now users are successful in running them. Yes, many people are still able to use it by installing a VPN if you install its application. Even if it has been done, you are still able to operate it, but in a way, it is considered illegal. Let's see what happens next, but the government is taking a lot of power now on cryptocurrency platforms.

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Ever since this crypto regulation bill has come into force, a huge volume of money from India has gone to foreign exchange and this is not a good thing due to this regulation, many crypto or blockchain companies today leave India and set up their offices in other countries (like Dubai). And it is not a good thing here because I believe that the coming time is of digital currency and what can be better than cryptocurrency? Here the government is imposing regulations on crypto and new ones are being created using blockchain technology. Don't know what is going on in the minds of all of them who are investing in new things. Sometimes I get amazed after reading the news.

To tell you the truth, nothing has had that much impact on my life because I don't do trading, I just buy for now, who knows, when my investment increases a lot in the future, maybe I will decide to sell it. I will take it. Now only time will tell what will happen but still, it did not have any impact on my life. We have stopped using direct cryptocurrency exchanges like Binance or WazirX because there we had to pay 1% TDS and 30% tax on the contrary (not in Binance though). Together with some people, we have created a p2p trading channel in our server in which we trade p2p among ourselves and it is very simple, easy and safe. Don't know how long this will last but as long as it is going on it seems to be fine. If there is some problem here then maybe we will have to find some other way because I am sure we will get through it.

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For the time being, there are no changes in the bill, I don't know if there will be any changes in the coming few months, otherwise it will remain like this, maybe there is no other solution in the short term, but in the long term, I am sure that the government will Will think about it and will try to do this work and it is very important because not everyone is earning money here illegally, there are many places from where people earn through their hard work and the hive is there for all of them. This is a winning example of 'Let's see what else happens, only time will tell but I feel that this will be a necessary task in the future or maybe there will be 0% tax, this is impossible but let's see. What do you think about this?

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see you in the next post. Keep learning and keep exploring...

All the Images are Made Via Canva unless otherwise noted.

Translated via Google Translator, The content is original.

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Thanks a lot for staying till the end 😃🙏, Let me know what you think.

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@bhattg
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