Deepshikha | Feb 6, 2022 |
Top 10 Cryptocurrencies Indians Can Afford At 30% Tax
In her Union Budget 2022 statement in Parliament on Tuesday, finance minister Nirmala Sitharaman indicated that income produced from the transfer of any cryptocurrency will be taxed at 30%, with an additional 1% tax deduction at source for such transactions. Unlike in the United States, the tax on cryptocurrencies will be distinct from taxes on capital gains from other sources, such as stock and mutual fund investments. Cryptocurrency investors in the country will also be unable to offset their losses with any other form of income. She said the RBI will develop a ‘Digital Rupee’ based on blockchain technology in 2022-23, in response to demands from a wide range of industries. This article lists the top ten cryptocurrencies that Indians can afford after paying 30% tax.
The fact that Bitcoin was the first cryptocurrency continues to benefit it. People are investing in Bitcoin at a faster rate than any other digital currency because it has been around longer. Some crypto investors consider Bitcoin to be a decent inflation hedge because there will never be more than 21 million Bitcoin tokens in circulation. With a 30% tax rate, Bitcoin is undoubtedly one of the best cryptocurrencies that Indians can buy.
Ethereum’s blockchain supports smart contracts, which may be utilised in a variety of applications, giving it a bright future. Ethereum is particularly well-suited to the creation of non-fungible tokens (NFTs). Whether or whether Ethereum dethrones Bitcoin as the most valuable cryptocurrency in the future, it appears to be well-positioned to withstand the test of time. With a 30% tax rate, Indians can afford Ethereum.
Tether has recently gained a lot of traction. Tether is the most stable of the stable coins. All stable coins have a value that is linked to another asset. The US Treasury Department has urged Congress to take action to address the threats that stable coins like Tether could bring to the economy. With a 30% tax rate, it is one of the best cryptocurrencies that Indians can afford.
Solana is one of the most popular cryptocurrencies, and it has been the largest winner among these top cryptocurrencies in the last year, gaining almost 10,000%. As an alternative to Ethereum, many crypto investors have rushed to Solana. Smart contracts are supported by both blockchains.
Binance Coin has risen to prominence in recent years as a viable alternative to Bitcoin and Ethereum. It is the native cryptocurrency of Binance, the world’s largest cryptocurrency exchange. It is not only a competitor on Reddit with BTC and ETH, but it is also the fourth-largest cryptocurrency by market capitalization. With a 30% tax rate, it is one of the best cryptocurrencies that Indians can afford.
Shiba Inu has a special place in the hearts of Reddit users. Shiba Inu was created in 2020 in response to the success of Dogecoin, and it briefly entered the top 10 list in 2021. For a time, it even outperformed DOGE. Many cryptocurrency investors feel Shiba Inu has a bright future ahead of it, and it is one of the best cryptocurrencies that Indians can afford because of the 30% tax rate.
Stellar has made consistent progress since its beginning in 2014. It was initially intended to impress people who were dissatisfied with the financial system. It subsequently evolved into a platform that connects fintech platforms using ground-breaking blockchain technology. With a 30% tax rate, Stellar is one of the best cryptocurrencies that Indians can afford.
Avalanche is currently performing well in the cryptocurrency market. It is the blockchain industry’s fastest smart contract platform. Avalanche is quick to respond, offers cheap transaction fees, and is environmentally friendly. The AVAX token has a hard cap and can be used to make transactions. With a 30% tax rate, it is one of the best cryptocurrencies that Indians can afford.
For numerous reasons, the Cardano network has a smaller footprint, which appeals to investors. Cardano requires less energy to conduct a transaction than a larger network like Bitcoin. As a result, transactions are both speedier and less expensive. Last year, Cardano released a “hard fork,” a software upgrade that adds new features, such as the ability to deploy smart contracts.
Terra is a stablecoin blockchain payment network that works by maintaining a balance between two types of cryptocurrencies. TerraUSD and other terra-backed stablecoins are linked to the value of actual currencies. Luna, their counterbalance, is used to power the Terra platform and manufacture new Terra stablecoins. With a 30% tax rate, it is one of the best cryptocurrencies that Indians can afford.
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