The Future of Money

India is the world's second-largest user of cryptocurrency and young people in the age group of 18-34 are the most prolific users

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In 2022, what raised eyebrows in the fintech sector was the announcement by the finance minister to tax crypto transactions in India. Unknowingly and perhaps unlike what Nirmala Sitharaman hoped to achieve, the crypto play has probably gone up during the last two months given the new rules will be effective April 1, 2022. Despite raids on crypto exchanges and a 30 percent tax levy, data suggests that there are 15 million crypto users in India with about $6.6 billion invested in crypto assets, and the last year has seen about 400 percent growth. India is the world's second-largest user of cryptocurrency and young people in the age group of 18-34 are the most prolific users. It seems that regulating the unregulated is a daunting task, almost war-like.

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