India Legalizes Cryptocurrency Use
This is huge. 1.3 billion people live in India, and they are China's neighbor.
Nice start to this Tuesday! Woke up to news India will allow cryptocurrency transactions — crushing fears it could be outlawed in the Asian nation of more than 1.3 billion people. India’s finance minister unveiled a 30 percent capital gains-like tax on transfers of crypto into local Indian fiat currency, which doesn’t seem too unreasonable. If people stay in crypto, they don’t pay the tax.
This will put additional pressure on China to reconsider their crypto mining ban.
India’s move could also guide the upcoming Biden administration cryptocurrency EO into friendlier language.
It may also put some emphasis on the pro-crypto wave sweeping the world right now as we enter February. Fidelity just put out an extraordinary research white paper suggesting Bitcoin’s core innovation is not a better payment system, but better money. That’s a profound statement, from one of the world’s largest financial institutions:
2022 is starting to feel like the distant future, realized. About time!