India's crypto dilema
I am Indian. So basically it all starts from here :- 1. India being a developing country it doesn't want INR to be converted to USD by any means. 2. India has UPI a unified payment interface which is made by central banks and other banks together. Which every month does the transaction equivalent of 20% of India's annual budget and almost everyone has a UPI app in their phone. That too for free. And since trackable by banks so it is always preferred by banks to let people use UPI rather than crypto which they can't track or control sometimes. 3. India have applied 30% tax on all crypto profit and 1% tds on every transaction. So now keep in mind above points. Now the real story begins, India is having huge demand for crypto so huge that arbitrage of buying crypto in India is as high as 5-6% from CMP. Now you might be thinking why? So the thing is that to get crypto in India you need to get it from exchanges or p2p or mine the crypto apart from this there is no possibile way to get crypto in India for a regular Joe in exchange of INR. I went through the depth and found out that the reason why people are paying 5-6% of premium for buying crypto is just because they cannot buy crypto directly from exchanges . All banks have stopped direct deposits to crypto exchanges as banks won't allow it and won't want it because of point 1&2 , so the only way out is p2p. Now since it is said so we have tons of people buying crypto right? No! Actual demand that was shown by exchanges and charged premium saying demand is high is false. I saw myself on wazirx (biggest platform in India) there were trades on Bitcoin after 15 mins of intervals , volume was so less. So people who are supplying crypto are just making huge cut out of nowhere . Indian banks will never support crypto and won't allow direct transfer from banks to exchanges because they have UPI for transactions that they created and they control. So therefore Indians will keep paying premium to get into crypto . Here is good news, india central bank is thinking to charge fee of $0.24 per transaction of $10 in INR for UPI transaction as maintaining UPI was costly for banks now . So as we know many blockchain need much less fees for transaction maybe UPI will be over thrown and crypto will win. PS- supplier of crypto in India are only p2p merchants who can do it without restriction.
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