How Cryptocurrency Is Rapidly Spreading To The Real World 2021

It’s official: digital currency is widespread. Behind Tesla announcing it could resume adoption of Bitcoin as a form of payment, and speculation that e-commerce giant Amazon will start accepting cryptocurrency, conversations center on how far digital currency use has come in recent years.

There is currently a lot of uncertainty about the use of cryptocurrencies in India. However, the country has seen a large part of its population, especially over the millennia, accept the use of digital currencies from the very beginning. As more and more cases of cryptocurrency are used to buy houses, pay for goods, and perform other day-to-day transactions in real life, cryptocurrencies have begun to transcend the digital realm in real-world transactions.

More sellers and buyers are using digital currency profits to fund their home purchases

One of the most popular and emerging ways to use cryptocurrency to buy a house. While most people know that cryptocurrencies can be used to pay for goods and services, using cryptocurrency loans to finance home purchases is a very recent development.

Mortgage lenders and banks are also starting to accept cryptocurrencies as collateral, allowing investors to borrow from their crypto holdings to fund their residential buildings or renovation plans. In India, the United Multilateral Credit Cooperative was one of the first to announce that it will offer banking and cryptocurrency services including credit.

More and more Indian companies are accepting online payments using cryptocurrency

With the growing popularity of digital currencies, more and more companies in India are starting to accept cryptocurrencies as a means of payment for their goods and services despite the absence of regulations. Companies have noticed the changing preferences and attitudes of Indian consumers towards digital currencies and thus have started adjusting their payment methods. Some of the companies that accept cryptocurrency payments are HighKart, Purse, and Sapna. With Sapna, buyers who choose Bitcoin use Unocoin to process their payments.

Consumers are turning to cryptocurrencies as an investment decision tool

Traditionally, Indian consumers have preferred gold as their preferred investment. It is estimated that households own more than 25,000 tons of gold. Recently, however, investment in cryptocurrencies has jumped from $200 million to nearly $40 billion last year – and continues to do so.

According to Chainalysis, investment in cryptocurrencies was $6.6 billion in May 2021, up 612 percent from April 2020. In a recent Bloomberg article, many investors said they were taking advantage of the lack of income tax regulations when it comes to cryptocurrencies. . However, some investors have raised concerns about the retrospective tax implications.

Is it illegal to use cryptocurrencies in India?

One final note for our readers, it is important to note that using cryptocurrencies is not illegal in India. Instead, it is unregulated, which poses another obstacle for those dealing with digital currencies. Despite a bill proposed by the government in March of this year proposing a ban on cryptocurrencies, including Bitcoin, there has been no further progress. Recent reports suggest that the Indian government may follow other countries and classify cryptocurrencies as assets. While everything is still speculation, one thing is certain for now: Cryptocurrencies will still exist.

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