In the ever-evolving landscape of global finance and technology, the rise of cryptocurrency has sparked both excitement and controversy. As nations grapple with the implications of this digital revolution, a curious trend emerges in the South Asian region.
Despite India’s reputation as a tech powerhouse with a burgeoning population of digital natives, it finds itself trailing behind its neighbor, Pakistan, in crypto-friendliness. Pakistan, surprisingly, clinches the 10th spot in the list of the world’s most crypto-accommodating nations while India trails closely behind at the 11th rank.
Cryptocurrency taking over…
The popularity of cryptocurrency has soared in recent years with the number of crypto owners skyrocketing from 432 million to 580 million in 2023 alone, according to Crypto.com. This exponential growth underscores the global appetite for decentralized financial systems and digital assets.
While some countries, like Argentina, embrace the crypto boom with open arms, fostering a conducive environment for miners and traders, others grapple with regulatory ambiguity and governmental intervention.
The United States, for instance, ranks second in crypto adoption, boasting a sizable population of crypto enthusiasts. However, challenges such as exorbitant mining costs pose hurdles for industry players. In India, cryptocurrencies navigate a murky regulatory landscape, devoid of centralized oversight as a payment medium.
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Contrastingly, Pakistan maintains an unregulated stance, reflecting a divergence in policy approaches within the South Asian region. India’s 2022 central budget introduced a 30% tax on crypto gains and a 1% tax deduction at the source, further complicating the regulatory landscape.
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