- Indian cryptocurrency enthusiasts have ventured into WhatsApp and Telegram to felicitate their p2p crypto investments.
- Reports suggest that the platforms account for nearly 60-89% of the transactions in the country.
- Moreover, sources suggest that the authorities will classify digital coins as commodities, therefore taxing them.
As banks restrict cryptocurrency activities, Indians turn to peer-to-peer deals on messaging platforms to complete their undertakings.
As the Indian authorities remain without a clear direction as far as crypto is concerned, deliberating over regulating the space, citizens increasingly venture into p2p platforms. According to the reports by local media, cryptocurrency investors have joined groups in WhatsApp and telegram to facilitate their deals. Also, sources reveal that the platforms account for around 60-80% of crypto transactions by the citizens.
The news comes after the reports that the State Bank of India, a renowned financial institution in the nation, blocked crypto receipts on UPI, a national transaction platform. That forced most investors to look for alternative methods. WazirX CEO Nischal Shetty said that peer-to-peer isn’t a crypto trading approach but a fiat-crypto solution. He also stated that individuals would utilize P2P platforms to convert fiat to USDT and vice versa amid the banking ban.
Though the rumors to ban crypto dominated for some time, Indians appear increasingly interested in the crypto market. Earlier, the RBI warned banks to suspend cryptocurrency involvement. However, the Supreme Court eventually overturned the decisions. Meanwhile, banks in the country remain skeptical about such transactions.
The Indian Cryptocurrency Market
The Indian administration has hesitated to decide on the future of the crypto space in the nation. Some reports show reasonable regulations, while others believe in a total ban. The latest news shows that authorities will classify crypto as commodities, taxing them accordingly. Also, it indicates $250,000 as the maximum figure an investor can hold. The parliament will debate on crypto in the coming session.
Pro-crypto groups have been requesting the government to support crypto, suggesting that any ban will leave India behind as far as the global economy is concerned. They urge the authority to formulate rules that would encourage innovation and protect national and investors’ interests.
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