Crypto adoption is increasing worldwide and a lot of countries are trying to have more exposure to Crypto because they believe that this is an asset class that is going to stay here for the long term. Some countries are doing great in the Crypto space and they have created an ecosystem or infrastructure which is favourable for their people as well as for the businesses in the country. But there are some countries where the environment towards crypto is not good but is still the adoption rate is quite high. I am talking about India which is a country where many things about crypto are not good and even the taxation part is highly problematic and complex. India has applied taxation which is not fair at all because they charge everyone at a higher percentage even when the person has not made any profit overall because the government do not allow the loss set off. This is not the only problem India has for crypto instead there are many and because of this many exchanges in India have moved away from the country.
Chain analysis has published a report and this year also India is leading in the global crypto adoption index. This is good but surprising news also because India is one of the countries that is known for many controversies related to crypto but still people in India seem to be enthusiastic about crypto which is visible in this report. When we do the comparison between last year and this year we can see that the first and second slots are intact. On the third rank, there is a change this year as Indonesia has taken the lead by leaving Vietnam two ranks behind. The USA is still in the 4th rank and Vietnam has got the 5th rank whereas it was third in last year's index. Ukraine was part of the top five countries last year but this time it is not on the list when we consider the top five countries for the global crypto adoption index.
I am happy to see these but I also expect that the government need to understand that in India people are more enthusiastic about new technology and innovations and the government should also participate in this. For the last few years people in India have been struggling with crypto taxation and this year it was expected that they are going to do something to make it better by bringing more relaxation but sadly that did not happen. They did not talk about it during the budget session and it is hard to anticipate when they are going to do something for Crypto in the country.
They are focusing on many other things where crypto is not on their priority list however this can be a good revenue stream for them if they try to build a proper framework for the users traders and also for the exchanges in the country. The government did not talk about the recent crypto exchange hack where $230 million was stolen by the exchange and users are struggling with the exchange to share the information and release the remaining funds. I hope the government pays attention to this so that this matter can be sorted out soon.
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