Shibarmy News

Crypto Is Now Legal In India? This is Could Be Great News for Shiba Inu

Published

2 years ago

February 1, 2022

(Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. Every investment and all trading involves risk, so you should always do your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.)

After years of debate and a lack of clear direction, India has taken the first major step into adopting CryptoCurrency.

So what exactly happened today? According to Finance Minister Nirmala Sitharaman, as of April First, the reserve bank of India will launch its Digital currency the Digital Rupee this year. The nation of India will start to tax Crypto Profits at a rate of 30% to remove any uncertainty going forward. This means that Crypto, including SHIBA INU, seems to be now OFFICIALLY legal.

Crypto is legally recognized in India, with a 30% tax.

— CZ 🔶 Binance (@cz_binance) February 1, 2022

Darshan Bathija stated that “Imposing the tax rate makes crypto trading official now and any concern of a ban is off the table,”

So what does this mean for the #SHIBARMY? This comes as welcoming news as $SHIB is the third most used crypto in India. Bitcoin and Tether are the only 2 cryptocurrencies that are above the Shiba Inu Coin. This could cause the price of SHIB to increase over the course of the next month. At the time of writing SHIBA INU stands at .000026.