Indian cryptocurrency traders and investors are choosing to buy the leading crypto Bitcoin (BTC), the largest meme coin Dogecoin (DOGE) and the second-ranked meme token Shiba Inu (SHIB) in peer-to-peer deals amid the recent regulatory turmoil. is doing.
In a climate of regulatory uncertainty, Indians buy Bitcoin, DOGE and SHIB
According to the Economic Times, the leading crypto Bitcoin (BTC) in India is Dogecoin, the girlfriend of Tesla CEO Elon Musk ( DOGE) and the cute dog-themed Shiba Inu (SHIB), many cryptocurrency exchanges are using peer-to-peer agreements and direct deposits to overcome payment restrictions imposed by the central bank.
In a peer-to-peer transaction, after receiving an order from a buyer, the cryptocurrency exchange shares the seller’s account details with them. The buyer sends the money directly to the seller’s account, and then the seller moves the cryptocurrency along with the exchange from their wallet to the buyer’s wallet.
This comes after National Payments Corporation of India, the central bank unit of India that manages the use of UPI, has separated itself from exchanges that use its services to purchase digital assets. An official of one of the exchanges, who did not want to reveal his identity, made the following statement:
An exchange should not work like this. Definitely less efficient. But apparently, there is no regulation or violation of the law. A simple money transfer from A to B via net banking or IMPS or NEFT takes place outside the stock market.
What do cryptocurrency regulations in India bring?
In addition to the payment barrier, taxes to the crypto community, including 30% tax on profits from digital assets, effective April 1, and 1% withholding at source, effective July 1 was brought.
Regulatory turmoil has caused many major cryptocurrency traders to switch to offshore exchanges. As we have covered in the news of Kriptokoin.com, the Indian government has been considering introducing a law to regulate or tighten the use of digital assets in the country for a long time.
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