🔥🔥BREAKING 🔥
👉1. Challenges Faced by India:
Strict taxation rules: 30% tax on gains and 1% TDS on trades.
Reduced trade volumes due to stringent regulations.
👉2. Global Cryto Crimes Index:
India ranks 26th with one fraud in 2022.
US and UK ranked 2nd and 5th, with frauds worth over $2.5 Bn in 2022.
👉3. 7. Significance for LMI (Lower Middle Income) Countries:
Countries like India, Nigeria, Ukraine are LMI nations.
Over 40% of the world's population resides in LMI countries.
👉4. Global Perspective: Despite setbacks like the FTX crypto exchange collapse, optimism remains high.
High institutional adoption noted, especially in high-income countries.
Countries showing growing crypto activity: Indonesia, Pakistan, Brazil, China, Turkey, Russia, UK, Argentina, Mexico, Bangladesh, Japan, Canada, and Morocco.
👉5. Conclusion:
Despite regulatory challenges, India's grassroots adoption of crypto showcases the potential of digital currencies in reshaping global finance, especially in LMI countries
