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A BLESSING FOR INDIAN CRYPTO INVESTORS: NITHIN KAMATH

A BLESSING FOR INDIAN CRYPTO INVESTORS: NITHIN KAMATH 

Indian crypto investors were lucky enough after February's tax announcements to reduce trading activity before the market collapsed, said Nithin Kamath, founder and CEO of online stockbroker Zerodha.


“Even when you are trading in stocks, the main reason for the loss is trying to make the wrong trade by throwing good money into bad money. That goes down when the price goes to trade, regardless of whether the portfolio is focused or not, ”Kamath tweeted.


Many investors in India have reduced their exposure to cryptocurrencies in the hope of avoiding paying high taxes or shortages.


India imposed a 30% tax on crypto revenue from April 2022, and an additional 1% tax deducted from the source (TDS) on purchases over Rs 10,000 (US $ 128) starting in July.


Factors contributing to uncertain market conditions have exacerbated Bitcoin losses as the U.S. The Federal Reserve is looking to raise interest rates to curb rising inflation.


Reserve Bank of India (RBI) Governor Shaktikanta Das said the central bank had properly warned about cryptocurrencies, following the collapse of Terra's UST and LUNA.

Source: yahoo




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