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Cryptocurrencies have exploded in India over the last year with a growth rate of 648% in the last year! As this number keeps going up, the government’s interest in regulating this asset is also increasing. The initial action of implementing a 30% tax on gains has not gone down well within the community. However, the journey is long and we have gone from an absolute ban to a formal tax. There is still a lot to cheer about!
In this week’s rollup, we look at some of the developments in crypto regulation, a historic blockchain wedding, a petition to lower crypto tax and latest news from around the world. Enjoy!
Article #1:
The growth of crypto in India is showing no signs of slowing down. According to a report by Chainalysis, India now has the second-highest number of crypto users in the world. the crypto market grew by 641% last year! Only Vietnam has a higher number of users with Pakistan finishing coming in third.
The east of investing in crypto has played a key role in facilitating this growth. Investing in equity and debt markets requires one to go through a lengthy documentation procedure that often takes days. Investing in crypto on the other hand takes only a couple of hours and all documents are submitted digitally. Crypto has captured the imagination of millennials and with India’s large population of young adults, this number os only going to keep growing. With progressive regulation, India can become one of the hubs for cryptocurrency development in the future.
Read more on the cause of this increase, here.
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Article #2:
Last weekend, a couple in Pune, became the first to hold a blockchain wedding in India. The ceremony was conducted on OpenSea by way of an Ethereum smart contract. The smart contract was ordained in the form of an NFT and minted on OpenSea. The NFT dubbed Ekatvam was actually the image of his wife’s engagement ring that had the wedding vows embedded on it. The couple had set up Metamask Wallets — essentially cryptocurrency wallets — where the priest minted the NFT. Soon, the wedding vows were exchanged and the digital priest blessed them both. After the completion of the transaction, the NFT was transferred to wife’s crypto wallet.
Usually the state, the law or religion act as an institution to regulate the union between two partners. However, a blockchain wedding is regulated by code and the promises made live on the blockchain forever and cannot be changed. This has huge potential for the future as certain terms can be set in the smart contract and the breaking of them can automatically transfer assets from one to another.
Read more on this, here.
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