Before understanding India’s first cryptocurrency, a deeper understanding of cryptocurrency is important. You need to visit Bitcoin Smarter for more information.
Cryptocurrency and its importance
Cryptocurrency is a decentralized model of digital money. The currency is built using blockchain technology. It allows for every transaction to be broken down into single units of the ledger. Each of these individual transactions is then stored in public ledger books. The decentralized finance model is yet another interesting aspect. With every transaction undertaken using cryptos, the transactions are secure and transparent. There is no third party involved in making payments. This includes the central bank, regulatory agencies, and even tax regulatory authorities.
In addition to the blockchain platform and decentralized finance model, cryptocurrencies also involve data mining. This means every transaction undertaken using blockchain technology undergoes a data validation process. This involves solving complex mathematical algorithms to execute and validate a transaction. With the growing interest in cryptocurrency and its investment model, there is a growing demand for data miners as well.
Growth of cryptocurrency in the global market
The advantage of cryptocurrency is varied. Many online platforms and leading companies have adopted and shown their interest in this investment. Multinational companies including Microsoft, JP Morgan Chase, and Tesla have come forward in support of this investment model. Today, many countries have also considered making this currency model legal tender. Following El Salvador, the trend of accepting cryptos was followed by many other countries. Certain countries have also gone about taxing their citizens for crypto investments. Any capital gains that you gain using crypto investments are taxable under the law. These countries have also established their connections with crypto exchanges. These exchanges in turn provide details of investors and are liable under the tax regime.
India and interest in cryptocurrency
Going by market analysis, India stands first in overall crypto investment. Considering the growing volume of investments, the government has also been following this investment model closely. There have been steering committees developed to monitor this transaction model. In the budget session of 2021, the government had also clarified that this investment model is under the government radar. The many benefits of this investment model are under scrutiny and effective decision-making.
Further to this, in the budget session of 2022, the government announced a tax implication on this investment. The Union finance minister clarified that every crypto investment undertaken by its citizens shall undergo a 30% tax regime. It was also clarified that any capital gains on investment cannot be nullified with other capital losses. This working model is currently available on profits gained in stocks, gold, etc. For any cryptocurrencies being transferred from one user to another, there will also be a 1% TDS applicable. Now that, cryptos are under the tax regime, the government is also considering bringing additional controls as well. Cryptos may soon come under the GST regime as well including an 18% tax impact on goods and service tax.
What is Big Bull?
The week that went by was an important milestone in India’s crypto market. The Initial Coin Offering brought forward the name of Big Bull. This is indeed the first cryptocurrency that is made in India and is backed by multiple trading tools. This cryptocurrency is headquartered in India. Big Bull makes its entry into the global crypto market as the first native currency from India.
Features of Big Bull cryptocurrency
This is the first cryptocurrency to make its entry into the global market from India. The successful launch of this crypto was unveiled at the Leela in Mumbai last week. The crypto is planned for listing under 11 popular crypto exchanges. It will be built on the BSC platform. The coin will enable purchases at minimal or even low transaction charges. The launch price of this coin is fixed at INR 1 per coin. Another additional information here is the speculated price increase. For every 100,000 coins being sold on the exchange, there will be an incremental increase in the price.
During the press meeting, the developers informed that Big Bull crypto shall aim to reach out to larger users as possible. Rather than making cryptos a pricey investment, Big Bull aims at making this investment affordable for all.