Cryptocurrency is not a legal tender in India, but still, the number of people investing in digital currency in the country is increasing continuously. Despite the strict stand of the government, according to the report that came in the past, India topped in terms of investors investing in crypto for the first time. It is worth noting that the crypto market is very volatile and it cannot be said when the investor reaches the sky and when he falls to the ground in a jiffy. The fate of Terra Luna in the past is a recent example. So investors need to be very careful.
Terra Luna made poor
Let us tell you that no investor had expected the fall in Terra Luna, but on seeing it, it broke up to 100 percent. After this, many exchanges quickly removed it from their platform. Changpeng Zhao, the CEO, and founder of Binance Coin crypto exchanges were given such a blow by Luna that it became difficult for him to recover. Zhou suffered a loss of about one billion dollars in one stroke. His loss can also be gauged from the fact that he gave a statement saying 'I have become poor again. Apart from Jhau, a report said that a popular YouTuber named Olajide Olayinka Williams, popularly known as KSI on social media, lost more than Rs 21 crore. In the same way, do not know how many investors became poor due to this fall.
More tax preparation on crypto
Taking a tough stance towards crypto in India, both the Reserve Bank of India (RBI) and the government have always cautioned investors against its pitfalls of it. Although crypto was not banned in the country, the government implemented a massive 30 percent tax on it in the budget 2022, which is effective from April 1. Along with this, the rule of TDS at the rate of one percent is also applicable to the transaction of any digital asset. At the same time, by bringing it under the purview of GST, the exercise of levying 28 percent more tax in addition to the already applicable tax has been started. Due to this, there is a lot of uneasiness among crypto investors.
Cryptocurrency is not legal tender in India
Before investing in cryptocurrencies, once again know that this is not a legal tender. If something wrong happens to you in the future, you cannot make any claim about it. Cryptocurrency investments are subject to market risks. There are many ups and downs daily. The profits and losses on the money invested in crypto are so fast that they cannot even be estimated. Examples of this are not only Terra Luna, but also all major cryptocurrencies from bitcoin.
Keep these things in mind while investing
Let us tell here that a large amount of electricity is used in cryptocurrency mining. The amount of energy used in the mining of bitcoin alone is comparable to the electricity consumption of a country like Argentina. But let's talk about the safety of investors, it is very important to be careful with crypto whales. Crypto whales are called investors who work to pump and dump their money in cryptocurrencies in large quantities. This hurts the market value of crypto. Due to this, investors incur huge losses.
Scams increasing due to a lack of awareness
Apart from this, many types of scams also keep coming up in the crypto market. According to Nischal Shetty, CEO, and founder of crypto exchange WazirX, the major reason behind most of the scams that have surfaced regarding investing in cryptocurrencies is still misinformation. He says that investors need to be aware while investing their hard-earned money in crypto, it is the lack of awareness that becomes the reason for them to harm. He said that 17,218 accounts were locked after such fraud complaints on the platform, which shows an increase of 19 percent over April-September 2021. He said that more than 95 percent of crypto-related frauds are based outside the blockchain ecosystem.
America said - a threat to financial stability
Let us tell you that in the past, US Treasury Secretary Janet Yellen has also referred to the stable coin named Terra USD, saying that unregulated cryptocurrency markets are a threat to financial stability. He told the Senate Banking Committee that the price of a stable coin called Tera USD rose sharply and then fell. This has shown the common sense that this is a fast-moving commodity, which is a threat to financial stability. There will be a framework of rules to correct this situation.
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