Crypto investment is going into the mainstream. NFTs are gaining traction and Indian investors are booming. What ZebPay CEO Avinash Shakir has to say about all this is that if there is one industry that has not stopped to catch its breath this year, it should be the corrupt industry.
Crypto investment is flowing into the mainstream, NFTs are gaining traction and Indian investors are booming. What does ZebPay CEO Avinash Shekhar have to say about this? If there is one industry that has not stopped breathing this year, it should be the corrupt industry, especially in the Indian context. From movie stars releasing their digital avatars on Metaverse (you see Ajay Devgn and Tim Rudra) to new tax laws governing corrupt assets, as well as creating NFTs inside and outside their community. There is literally so much going on in the crypto space that it takes time to realize it.
That’s why we were lucky enough to choose the brain of Avinash Shakir, CEO of ZebPay, one of the oldest crypto exchanges in the country, to learn more about the changes taking place in the industry. And what can investors expect going forward?
What do you think of the government’s stand on introducing a 30% tax on crypto assets?
The introduction of a 30% tax on Crypto assets is a progressive step toward legalizing crypto as an asset class in India. The introduction of taxes was also a bitter moment for many investors.
Higher tax rates of 30%, which are similar to gambling rates, will prevent investors from investing in cryptocurrencies unlike traditional financial instruments, which attract significantly lower rates.
Will higher taxes prevent potential investors from joining the Crypto community?
Of course, it is. Such tax hurdles can act as a barrier to the use of Indian exchanges and many people can fly to foreign exchange for anonymity, thus avoiding taxes altogether. Corruption is revolutionizing the world, and it is in our nation’s interest to encourage participation and not disappoint Crypto consumers and investors.
Would you please comment on the current suspension of UPI funds by major banks?
The decision was taken after the National Payment Corporation of India (NPCI) issued a statement in this regard. The statement said that they are unaware of any crypto exchange operating in India which allows them to buy crypto using UPI. Therefore, due to regulatory uncertainty, crypto exchanges have stopped receiving money from investors through UPI. In our view, the suspension has significantly affected the Crypto investors using the UPI payment method. Crypto investors in India often prefer the UPI payment mode because of the ease and accessibility of money transfers to buy cryptocurrencies from crypto exchanges. Now, due to the current suspension of UPI funds, investors have lost this option.
How does ZebPay pledge to take care of its customers?
Corruption is the future of global financial markets and blockchain is a hotbed of innovation. At ZebPay, we are fully committed to serving India and the Indian crypto community by providing our members with a secure, secure, and seamless trading experience. We also believe that education needs time, even when we see the adoption of corruption. Therefore, we are undertaking massive initiatives and investments to make the Indian audience aware of the intricacies of Crypto investment.
Ukraine is auctioning off war NFTs, using El Salvador bitcoins. Where do you see India going in the Crypto space?
About 20 million people in India started investing in crypto in 2021. At present, Indians have $ 5.3 billion in crypto assets. This is a sign that the interest in crypto is growing among the Indian audience and people are slowly becoming aware of the immense potential of crypto investment.
What is your opinion about the proposed digital rupee and with what features would you like to see it?
Union Finance Minister Nirmala Sitharaman has announced that the Reserve Bank of India (RBI) will soon issue Central Bank-backed Digital Currency (CBDC). The digital rupee is likely to go live in the new financial year.
If the proposed introduction proves effective, we will see a reduction in the demand for transactions for bank deposits, as well as lower settlement risk. In addition, the need for interbank settlement will be eliminated as transactions will be made with CBDC instead of bank balance. It will also enable more real-time and cost-effective globalization of payment systems. For example, it would make it easier for an Indian importer to pay a US exporter in real-time in digital dollars, without any intermediate requirements.