Cryptocurrency Price Update: One in 10 Indian women have invested in cryptocurrency. These things have come out through a report. On the one hand, it is said that women lack awareness regarding investment and savings. On the other hand, there are women in the country who have started investing heavily in virtual currencies like cryptocurrencies.
6.30 crore women own crypto.
According to data released by Forex Sugest, a foreign exchange education platform, the country has a population of 685 million women. Out of which 6.30 crore or 63 million women have cryptocurrency. That is, 9.2 percent of women have bought cryptocurrency.
According to the report, most Vietnamese women have invested in cryptocurrency. 1.20 Vietnamese women have invested in cryptocurrency, which is 24 percent of the total female population. The Philippines is second with 9.6 percent. Out of the total female population of the Philippines, 5.5 million women have invested in cryptocurrencies. After which comes India’s no. Among India’s female population, 9.2 percent of women have invested in cryptocurrencies.
Trading volume decreased, number of women investors increased.
Such a large number of women are investing in cryptocurrencies when the volume of crypto trades has been steadily decreasing since the tax was imposed on cryptocurrencies. Cryptocurrency was brought into the tax net for the first time in the financial year 2022-23. A 30 percent tax was levied on profits from cryptocurrencies. Also, from July 1, 2022, the provision of 1 percent TDS on buying and selling of cryptocurrencies came into effect. A report revealed that trading volume on Indian crypto exchanges has dropped by 60.8% due to market conditions and tax structure.
Crypto is now in the tax net.
Cryptocurrency has a 30 percent income tax. Thereafter, there is a provision of 1% TDS (Tax Deducted At Source) on payment made on transfer of virtual digital assets (VDAs) i.e. cryptocurrency and non-fungible token (NFT). 1% TDS was levied on transactions above Rs 10,000. If the buyer does not have PAN at the time of cryptocurrency transfer, tax at the rate of 20 percent is the norm. And if the buyer has not filed income tax return, then TDS is payable at the rate of 5%. From July 1, 2022, TDS will be payable on all crypto transactions, whether sold at a profit or at cost. a loss.
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