With the Indian government not outright banning crypto ventures in India but taxing them 30%, WazirX prices surged by 30%. They crossed the $1 mark and are very well on their way to becoming a stablecoin.
The Indian government, a few months ago, was planning to ban cryptocurrencies and DeFi has changed its tune recently. India has the highest number of crypto enthusiasts in the world and the crypto market cannot lose it as a market.
With China and Russia outright banning any crypto-related activities, all eyes were on India and their decision. With the 30% tax, cryptocurrencies are very well legal and no longer in the gray area that it was before.
But the tax is only on realized gains. This means that only when withdrawn from the exchange will the individual have to declare them in their income tax. The 1% TDS (tax deducted at source) is also something that gives legitimacy to the crypto market in India. WazirX, the biggest exchange in India which uses the WRX token, saw a hike in its price and is at $1 as we speak. Experts have suggested that the coin could go up to $3.8 if it enters a bull market anytime soon.
Crypto enthusiasts in the country were happy that the government has not banned these new-age techs completely but were upset with the hefty 30% tax. But since the legality of it has been established, there might be a surge in the number of crypto adopters in the country now.
