Cryptocurrencies - India | Statista Market Forecast (2024)

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Cryptocurrencies - India | Statista Market Forecast? ›

Revenue in the Cryptocurrencies market is projected to reach US$343.5m in 2024. Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.99% resulting in a projected total amount of US$467.2m by 2028.

Ethereum (ETH)

Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs). Ethereum has also experienced tremendous growth.

1. Supreme Court Ruling (2020): The Supreme Court of India lifted the Reserve Bank of India's (RBI) ban on cryptocurrency transactions. The RBI had initially imposed restrictions that prevented banks and financial institutions from providing services related to cryptocurrencies.

It will give a huge boost to the Indian digital economy. Digital currency/E-currency will also lead to a more efficient and cheaper currency management system. However, central bank digital currency should exist in harmony with other crypto currencies to reap the full benefits of the block chain technology.

The top trending cryptocurrency in India is LandX Governance Token. Click on the coins below to learn more about the price and market data. You can also find out the best exchanges to trade these coins by comparing their exchange rates, orderbook depth, trading volume and other useful data.

Like any other investment, cryptocurrency is not a risk-free investment. The market risks, cybersecurity risks and regulatory risks, as cryptocurrency is not issued or regulated by any central government authority in India.

Using cryptocurrency as a direct method of payment for goods and services is not legal in India as of March 19, 2024. There are 3 aspects to it: Not Legal Tender: Cryptocurrencies like Bitcoin are not recognized as legal money in India. Only the Indian Rupee issued by the Reserve Bank of India holds that status.

Section 194S levies 1% Tax Deducted at Source (TDS) on the transfer of crypto assets from July 01, 2022, if the transactions exceed ₹50,000 (or even ₹10,000 in some cases) in the same financial year. The crypto tax applies to all investors, whether private or commercial, who transfer digital assets during the year.

What is the decision on crypto in India? ›

They are unregulated but according to the recent Union Budget 2022, the government of India announced a 30% tax on gains from cryptocurrencies and a 1% tax deducted at source.

Even though the country is yet to formulate regulations for investing in cryptocurrency, there was almost a 20,000% increase (from $200 million to $40 billion) in crypto investments in India in the past year alone! Several people rode the wave and reaped unparalleled returns on their investments.

With the rise of the cryptocurrency market, we can see India becoming a major hub and global destination for the cryptocurrency market. This will help create ample job opportunities in the BFSI, IT, customer support and service, and many other industries.

Based on our research, ButtChain, Bonk, Sealana, Bitcoin, Celestia, and Solana stand out as the best cryptos in 2024.

PlayDoge is emerging as a potential 1000x cryptocurrency for 2024, combining the beloved Doge meme with the addictive nature of a Tamagotchi-style play-to-earn (P2E) mobile game. This token has been built on the Binance Smart Chain, and offers both meme appeal and real utility.

Zilliqa, with the ticker ZIL, is another cryptocurrency that's seen as a potential candidate to reach the $1 threshold. It's a blockchain platform that stands out for its ability to handle a high volume of transactions quickly, thanks to its use of sharding technology.