When we compare the crypto segment headways within the Joined together States and India, it is evident that India is slacking behind. Whereas the Joined together States has made huge progress in grasping cryptocurrency, India has taken a more cautious and restricted approach. The US Inside Income Benefit (IRS) perceived cryptocurrency as a property subject to tax collection in 2013. In comparison, the Save Bank of India (RBI) issued a caution almost cryptocurrencies the same year.
Quick forward to 2024, and the US has seen major turning points such as huge banks like JP Morgan buying Bitcoin for their well off clients, the dispatch of CME Bitcoin prospects, and the endorsement of different Bitcoin spot ETFs by the Securities and Trade Commission (SEC). On the other hand, India has confronted mishaps just like the RBI circular forbidding crypto in 2018, which was afterward upset by the Preeminent Court in 2020.
India's position on cryptocurrencies has been conflicting, with the government emphasizing its arrange to boycott and forbid cryptocurrencies in 2021. Furthermore, the Fund Serve declared a 30% charge and 1% TDS on crypto resources in 2022, encourage ruining the development of the industry. In differentiate, the US has seen major companies like MicroStrategy and Tesla contributing in Bitcoin, and the Coinbase IPO going live.
It is discouraging to see India, a nation known for its innovative ability, not completely grasping the potential of cryptocurrencies. Whereas the US has recognized the transformative control of this innovation, India seems to be stuck within the past. It is imperative for India to alter and make a positive authoritative framework that develops advancement and grants the crypto industry to prosper. #BTC #binance #IndiaCryptoRevolution #sol
