India Imposes 30% Tax On Crypto
According to the crypto news outlet Indian Express, the government of India is working on a 30% tax on crypto-asset earnings. The chairman of the country's Central Board of Direct Taxes (CBDT), JB Mohapatra, stated that the tax application in question was approved by the government and that the date 1 July should be marked for the 1% tax deducted at the source. With its app, India will be one of the few countries to impose taxes on digital assets such as cryptocurrencies and NFTs.
In addition to this, it was noted that cryptocurrency is not legal tender in India, but it is not illegal either. However, according to local reports, officials in India have said that digital assets like cryptocurrencies are used for illegal activities such as money laundering and terrorist financing.
Earlier in March this year, there were rumors that India would ban cryptocurrencies altogether. But this does not seem to be happening now unless the Indian Supreme Court rejects an appeal against a decision by a lower court to ban cryptocurrencies in India.
Alternatives to Cryptocurrency Mining in India
After the introduction of a 30% tax on crypto-asset earnings on April 1, people began to look for an alternative to cryptocurrency mining. Therefore, the demand for cloud mining has started to increase.
For those who do not know what cloud mining is, it's a process where you pay a fee to a cloud mining company and they will provide you with the hash rate for cryptocurrency mining. Thanks to this, you can get rid of paying the electricity bill and invest only in the hash rate.
There are hundreds of cloud mining companies on the Internet. Some of these companies have been on the market for more than three years, and some for less than a year. But which ones are worth the money you give? This depends on many factors, including customer reviews and the financial situation of the company.