CoinSwitch Adopts Non-Digital Currency Products Amid Harsh Tax Guidelines

India’s CoinSwitch, a virtual asset platform, has made a step toward distributing financial non-digital products to its customers. The program launched by the non-digital firm comprises stocks, exchange-traded funds, mutual funds, fixed deposits, and United States equities.

In an interview with Ashish Singhal, the company’s chief executive officer announced that the decision to distribute a new range of products has been on the go for more than two years and is developed to invest become easy for Indians.

Ashish Singhal reported that the company was able to help Indians invest better. Less than 0.2% of the Indian population actively invests past fixed deposits. This innovation aims to increase the number of customers who actually invest to around a hundred million by the end of the next four years.

CoinSwitch’s CEO announced that the company had secured various investors before the launch, excluding the partnership information. Then, Ashish Singhal moderated the entire virtual currency space leading to the new offerings.

Singhal, the CEO, emphasized that the aim was to give Indians a gateway to invest across asset classes, beginning with cryptocurrencies. Ashish concluded that introducing the rough guidelines on the virtual currency space was a huge setback to the larger ecosystem. However, he acknowledged the objective of taxability and traceability by the Indian Government.

CoinSwitch improved its workforce by 40% in the previous year, regardless of the criticism surrounding the ecosystem. Ashish Singhal announced that CoinSwitch’s biggest headcount improved due to appropriate financial guidelines and a sane hiring procedure.

According to the liability report and the recent proof of reserves, it is noted that CoinSwitch fund reserves in Indian currency are 7.21 times the funds’ balance of the customers. The company has a safe and secure investment structure that makes them ascertain its financial well-being.

Focusing on the Future

The company’s Chief Executive Officer tried to foresee the outcome for 2023, starting with India’s enhancement of its central bank digital coins. Ashish Singhal also attempted to predict that distributed ledger technology will increase in number in real-world value with nations dependent on them to level their process in the future.

The company’s CEO said that cryptocurrency is still an upcoming industry and is still determining whether this year will be worse or better; regardless of starting the year with poor sentiments, currently, the company continues to develop and innovate.

To enhance the company’s growth, Ashish Singhal concluded with a passionate plea to the Government to restructure its tax guidelines imposed on digital assets to allow the different classes of investors and innovators.

Can ETH Flip BTC

Focusing on the two initial coins, Bitcoin has a market cap of 400,248,946,999 dollars compared to Ethereum, whose market cap is speculated to be 187,081,203,401 dollars conferring to the cryptocurrency market analysis website.

Moreover, the prices of the two market leaders have been down in the past twenty-four hours. Bitcoin price is down by 0.59%, and Ethereum is down by 1.37%. Resulting in Bitcoin changing hands at 20,778.45 dollars, and Ethereum’s price is currently at 1,528.77 dollars at press time.

Exchange volumes for Bitcoin have also dropped in the past twenty-four hours. The accumulated exchange volume for Bitcoin is speculated to be 28,307,859,447 dollars, around 30.31% less than the previous exchange volumes. However, Bitcoin remains to take the lead and is certain to prove that Ethereum has no chance of flipping BTC soon.