Now! The widespread impact of Donald Trump's historic victory in the recently held presidential elections is beginning to be seen. Since Trump's victory, changes are being seen in almost all cryptocurrencies. But there are some cryptocurrencies which have gained momentum since Trump's victory. Dogecoin recorded an increase of 45 percent in just one day and its price reached $0.4037. Not only this, after Trump won the presidential election, an unimaginable and unbelievable jump of 145% has been recorded.
Ethereum recorded a 40% jump last week
Apart from this, the price of Bitcoin has also registered an increase of 6.43 percent in the last one day and its current price is $87,415.81. Talking about the last 7 days, the price of Bitcoin has increased by 27 percent. Memecoin has surged 30.5% and Ethereum has surged 40% in the last week.
What are the rules of cryptocurrency in India
Buying cryptocurrency is completely legal in India. However, you have to take special care that it cannot be used as currency in India and it is only an investment product. In India, cryptocurrency can be purchased only from government registered exchanges. The Reserve Bank of India (RBI) has already said that any person should trade in cryptocurrency only at his own responsibility and risk.
What are the tax rules on profits from cryptocurrency?
Very strict tax rules have been made for people investing in cryptocurrencies in India. Whatever profit you make by selling cryptocurrency, you will have to pay a direct tax of 30 percent on it. Not only this, you will also have to pay 1% TDS separately on such transactions. Before dealing in cryptocurrency, you also need to keep in mind that losses in cryptocurrency will not be offset against profits.
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