One of the most appealing aspects of any cryptocurrency is that it is an unregulated form of currency that may be traded between parties as they see fit. Getting away from fiat currency and government regulations is a large part of the appeal of cryptocurrency as a concept, and that is why it is so troubling that the government of India is now suggesting that it will start to tax cryptocurrency and layer on additional regulations on it that it has never done before. Some cryptocurrency owners and traders are shocked by this move and afraid of what will come next. However, some others say that it was only a matter of time before certain world governments started to adopt these policies to slow down the growth of a currency that they do not personally have control over.
In This Case, Regulation Is Not Such A Bad Thing
Regulating the trade of cryptocurrencies is something that certain people are opposed to, no matter the circumstances under which the currency is held. However, there are some cases when regulation may not be harmful, and this story is an excellent example of that. Before these new tax and regulation measures were put into place, the government of India strictly prohibited trading in cryptocurrencies at all. Thus, they de facto regulated the currency by not allowing it to be traded within their borders. But, at least now, they are permitting the currency to be traded, even if they take their profits cut.
The proposed tax rate is a flat 30% on any cryptocurrency trading profits. Admittedly, this is a steep rate, but at least people living in the country will now have access to these markets and trade in them with people worldwide.
Young People In India See This As A Promising Sign
The younger crowd in India has seen them move to permit trading in cryptocurrencies as a good thing. Many of them have wanted to trade in these markets for some time anyway, and the fact that it is now a permitted activity in their country makes them very happy. They are finally receiving some of the freedoms that other countries have and take for granted. Naturally, it is not only young people that are excited by the promise of cryptocurrency trading, but they are the ones who are driving a lot of the move to accept this way of life.
Many young people all throughout the world have looked out at the landscape of jobs and career opportunities that are before them, and they are disappointed by what they see. It seems that the good days of getting a job easily are long gone, and it is a struggle for many people to just keep the bills paid. Wages are stagnant, but prices continue to climb. Thus, many people have looked at cryptocurrency trading as a way to perhaps escape from the reality of the world that has been established all around them. Put another way, many young people see the advancement of cryptocurrency as something that they can potentially profit from and do well with. If they are right in this assumption, then some may have the ability to paint a different picture for their life.
How New Traders Can Take Care Of Themselves
As excited as the life of a trader can be, it is also important to remember that there are a lot of challenges and acute stress that come with trading in the markets all the time. It is important to remember to take care of yourself when trading. There are a lot of techniques that one might choose to use, but among them needs to be the practice of meditation and a routine of healthy eating. The life of a trader can be very solitary, and it can also lead some people to make poor choices when it comes to their dietary needs. If you are not careful, the life of a trader can lead you to make poor choices regarding your health. You may find yourself eating a lot of junk food and not getting enough exercise. If you feel the pull to monitor the markets at all times day and night continuously, you probably need to do something to get yourself away from screens for a while when possible. You cannot afford to keep yourself positioned in front of a screen all the time, and you shouldn’t attempt it.
Meditation is an excellent practice for releasing the mind from some of the stress it takes on all the time. You do not want to put yourself in a place where you cannot get out of your way. If you carry less stress, you have a better chance of thinking through your trades more clearly, and you may even make greater profits in the market due to your clear mind.
The same can be said about eating healthier. If you take the time to eat a healthy diet, your body will be better nourished, and you will feel better about how it functions. You have to take all of this into account when you think about how you will take on this new stage of life. You can be an excellent trader, but you have to decide that this is how you will live. You have to choose to clear your mind and focus wholly and entirely on the task at hand.
