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India Gets New Crypto-INR Futures Exchange Named ‘Pi42’ From Minister X, ZebPay Leaders

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India Gets New Crypto-INR Futures Exchange Named ‘Pi42’ From Minister X, ZebPay Leaders

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The Indian crypto industry, on Wednesday, February 7th, got a new crypto-INR futures exchange called ‘Pi42’. Beautiful CEO Avinash Shekhar and Minister X Founder Nischal Shetty founded the exchange to allow Indians to engage with crypto without facing a one percent TDS on every transaction. The launch of the platform comes two years after the Indian Finance Ministry imposed a tax on crypto activities. Despite the community’s demand to review these tax laws, the government did not take any action, which led to a stall in the development of the sector.

With a crypto futures exchange, investors can predict the future price. Crypto assets And trade these speculative futures prices. So unlike spot trading transactions, where holders trade tokens at current prices and pay one percent TDS on each transaction, here holders can hold the assets for a longer period of time – reaching the asset’s notional value. waiting for It automatically reduces losses related to TDS.

“Crypto derivatives trading volumes are significantly higher than spot volumes across the globe. Futures trading comes with several advantages for investors such as better liquidity, leverage opportunity, higher profit earning potential, and tax efficiency among others. between,” Shetty said in an official announcement as co-founder of Pi42.

In recent months, India has strengthened its surveillance on it. Web 3 Dept. The country is gradually putting in place rules to regulate the otherwise volatile sector, with the aim of stabilizing the industry and curbing the margins of exploitation of these virtual assets. One such mandatory rule for crypto firms is to register with India. Financial Intelligence Unit (FIU)

The Pi42, as revealed by its founders, has already been registered with the FIU – which means Indians can start testing it.

“India is home to one of the largest crypto-enthusiast communities in the world and yet we have very limited opportunities to explore innovations in crypto, such as futures trading. We aim to be one of the industry’s leading platforms for modern day investors. to start a new life and help them redefine financial freedom by offering them tax-efficient and regulatory-compliant trading options,” said Shekhar.

The Pi42 app is rolling out first. Android Users in India and will be available soon. iOS Consumers too. In the coming months, Shetty and Shekhar aim to expand this futures trading exchange to other international locations. The Indian crypto community has experienced a slowdown in growth over the past two years. Industry leaders have blamed the tax system for pushing investors out of the loop. Ahead of the announcement of the Interim Budget 2024 earlier this month, ‘#ReduceCryptoTax’ was trending on all major social networking platforms.

Despite these requests from the industry, Finance Minister Nirmala Sitharaman Not even mentioned The crypto industry in his speech. Industry leaders are now awaiting changes in the final budget that will be presented after India’s upcoming elections.

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