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in India

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How to buy Kusama in India

Is KSM a good investment in India?

Kusama was released in 2019 with an initial price of $1.71. It experienced a price drop very soon after its release, but it never dropped less than $1. Kusama crypto owners might have been disappointed with this price, but 2020 was a surprising year for them because the Kusama price suddenly mounted to $14 in July and ended the year at the price of $60. The Kusama price continued to rise until May 2021, when it reached its highest record of $624.78. That shows how profitable Kusama was in only two years. Kusama had many fluctuations in 2022 and dropped to $28 at the end of the year.

The history of Kusama shows it was a profitable investment. However, it won’t guarantee its profitability in the future. Therefore, you need to check other factors to decide if Kusama is a good investment. One thing that can help you have a broader overview of the future of this coin is checking the price predictions that are made by analysts and crypto experts. Most of them believe Kusama might have good days to come, and its price may go up to $225 by 2025. They also predict that in the long-term it might rise more and mount to $600 again by 2030. However, you should notice that these are just predictions. Your decisions shouldn’t be only on these numbers. Check the news about Kusama the day you decide to purchase it.

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What is Kusama ?

Kusama is a decentralized cryptocurrency network created in 2019. The main purpose of creating such a network was to enable developers to have their dedicated blockchain on this network. It means the Kusama network is a platform for developers to test the projects that are going to run or implement on the Polkadot network. That’s why Kusama is known as the “Canary of Polkadot network.” Although the codes of both look the same, Kusama is much faster than Dot (Polkadot). Kusama and Polkadot are two completely separate networks that work in parallel. One of the benefits of this network is that users can vote for changes on the platform.

Learn more on Kusama official website.

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Is Kusama legal to buy in India?

Yes, it is allowed to trade, buy and sell cryptocurrency in India. In March 2020 the Supreme
Court of India issued a case on the regulation and acknowledgment of the use of digital
currency inside the country. As stated in the above-mentioned document “Technological
innovations, including those underlying virtual currencies, have the potential to improve the
efficiency and inclusiveness of the financial system.” Since then, the Indian government has
been considering the creation of a new legal framework for cryptocurrencies.

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Is Kusama taxed in India

Yes, cryptocurrencies are taxed in India. Before 2022, the Indian government did not have a
clear stance on the classification and taxation of cryptocurrencies such as Bitcoin. However,
recently the Indian authorities recognized cryptocurrencies as Virtual Digital Assets (VDAs) and
established a tax framework for them. This is the first time that cryptocurrencies have been
acknowledged and taxed in India, as the Income Tax Department (ITD) introduced a new
section, Section 2(47A), into the Income Tax Act to define the term Virtual Digital Assets (VDAs)
and the regulations around its taxation. The definition is comprehensive and encompasses
various types of crypto assets, including cryptocurrencies, non-fungible tokens (NFTs), tokens,
and others.
According to the above-mentioned Tax Act, if you engage in cryptocurrency trading, selling, or
spending, you will be subject to a 30% tax on any profits you make. Additionally, if you sell
crypto assets that are worth more than INR 50,000 in a single financial year, you will also be
subject to a 1% Tax Deducted at Source (TDS). Furthermore, if you are seen as earning income
from other sources in cryptocurrencies, you may also be required to pay income tax at your
individual tax rate. In conclusion, you may be required to pay a 30% tax on the following
cryptocurrency transactions: Selling cryptocurrencies for Indian Rupees or another fiat currency,
Trading cryptocurrencies for other cryptocurrencies (including stable coins), Using
cryptocurrencies to purchase goods and services.
It is important to note that the tax treatment of cryptocurrencies in India may change in the
future as the government continues to consider new regulations. We would recommend
consulting a local tax expert or financial advisor for the most up-to-date information on the tax
treatment of cryptocurrencies in India.

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After you've bought Kusama in India

Most people buy cryptocurrencies to keep them as an investment. Kusama is not an exception. You can keep them in a secure wallet and sell them whenever their price rises. However, this is not as simple as it is in theory. You need to check its price every day to make sure it is growing or find out when it is the right time to sell. If you are a beginner in this world, we suggest you invest as much as you can afford to lose because the cryptocurrency world is volatile and unpredictable. Furthermore, it is better to consider an exit point for your investment to avoid losing money in case the coin didn’t do as well as you thought.

As mentioned earlier, investment is not the only thing you can do with Kusama coins. KSM is a governance token; KSM owners can use their coins to validate the network, vote on changes on the platform, and nominate validators. In addition, the KSM cryptocurrency can be used for linking to support new parachains.

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Who can buy Kusama in India?

In India, anyone who is 18 years of age or older and has a valid government-issued ID, such as
a PAN card or Aadhaar card, can buy cryptocurrency. The ideal method of acquiring digital
assets in India would be through using a cryptocurrency exchange. Additionally, it's important to
only use trusted and regulated exchanges for buying and selling cryptocurrencies. Our
exchange offers you the opportunity to buy, sell, and trade cryptocurrency with high security
while operating legally within India. Plus, a variety of convenient payment methods are offered,
including Apple Pay, Google Pay, credit and debit cards, bank transfers, and PayPal, without
any transaction fees.

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Payment methods to buy Kusama in India

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Debit Card

Bank Transfer

Credit Card

Debit Card

Bank Transfer

PayPal

Google Pay

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FAQ

Frequently asked questions

Many analysts have predicted a bright future for Kusama. They believe its price may rise, and it could be a good investment for people who buy it when the price is dropped. Its history also shows it was a profitable investment before. However, Kusama is a volatile and unpredictable crypto like other cryptocurrencies; anything may affect its future.

In India, cryptocurrency is subject to taxes, and it’s important to report it correctly to avoid
penalties and fines. You are advised to keep detailed records of all your cryptocurrency
transactions, including the date of the transaction, the type of cryptocurrency, the amount, and
the value in INR at the time of the transaction. Also, keep proof of payment of taxes, such as the
receipt of tax payment, as you may need to provide it as evidence in case of an audit. It’s
important to consult a tax expert or a financial advisor if you’re unsure about how to report
cryptocurrency taxes in India, as the rules and regulations can be complex. Filing taxes correctly
can help you avoid penalties, fines, and legal issues in the future.

In India, according to the Income Tax Act, there are some situations where you will not have to
pay taxes on your cryptocurrency. These include:
● Transferring crypto between your own wallets: When you transfer crypto from one of
your wallets to another, you won’t have to pay taxes on it.
● Receiving gifts of crypto: If you receive a gift of cryptocurrency worth up to RS 50,000 or
more from close family members, you won’t have to pay taxes on it.
It’s important to note that these exemptions are subject to change and it’s always best to consult
a tax expert to determine your specific tax liabilities.

The Kusama coin was released in October 2019, the same time as its network was created.

The adoption of cryptocurrency in India is growing, but the exact number of individuals owning
crypto assets is not publicly available. Moreover, it is challenging to determine the exact number
of crypto owners as many people hold crypto assets anonymously. However, according to triple
A data in 2022 collected by crypto professionals, it’s estimated that about 11.5% of the Indian
population, which would be around 157 million people, may hold some sort of crypto assets.

Gavin Wood is the founder of Kusama and Polkadot. He was one of the co-founders of Ethereum, who left the company in 2015. Therefore, he was completely familiar with the cryptocurrency world. He created the Kusama network in 2019.

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