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How to buy Solana in India
Is Sol a good investment in India?
To decide if buying solana is a good investment, first, take a look at its history. The official token of Solana, called SOL, was released in April 2020 with a price of $0.79 per coin. In only one year, its price mounted to $260 in November 2021. It was one of the most profitable investments for people who had bought this coin at its debut. However, like any other coin on the market, Solana had fluctuations too. Although it couldn’t reach higher than $260, it became stable for a while at the price of $30 in 2022. Solana had a drop to $12 in November 2022.
Although no one can guarantee a positive future for any cryptocurrency, many experts believe that the updates on the Solana roadmap may affect its future. Analysts have predicted the future of Solana for upcoming years and believe this coin may reach $70 by the end of 2030. Most of the experts in this field also claim it is better to think about a long-term investment while buying Solana. However, you should be aware that any incident may affect the future of a coin. Therefore, if you are a beginner in this world, it’s recommended to avoid putting all your money on a coin.
What is Solana ?
Solana is the name of the blockchain created in 2017. Very soon after its release, it became one of the fastest blockchain networks with 2700 transactions per second. This feature made Solana very popular among people in the cryptocurrency world. To make the network more efficient, like the Cardano network, Solana also uses the proof-of-stake (PoS) technology, which also helps the network become more sustainable and scalable than the previous blockchains. Fast transactions, low fees, and low environmental impact are the benefits of the Solana blockchain.
Is Solana 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.
Is Solana 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,
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.
After you've bought Solana in India
Like any other coin in the cryptocurrency world, there are lots of ways you can consume your coins. You can use SOL to purchase something on the internet; nevertheless, the seller should accept your coin. Therefore, if you want to use SOL coins to buy something, check the brands and companies that support SOL. Additionally, you can trade your coins with an NFT. If you don’t want to spend your SOL tokens, you can keep them as an investment. SOL is assumed to be a great long-term investment.
Meanwhile, since the cryptocurrency world is so volatile, it’s better to consider an exit point for your investment. It can be a price that you consider the right price for selling the coin. Moreover, you should always keep an eye on the price of SOL, read its whitepapers, and check what experts and analysts say about it on their social media.
Who can buy Solana 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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Frequently asked questions
Like any other cryptocurrency, you can use Solana coins to trade different things on the internet, purchase products, play online games, or keep the coins for future sale as an investment.
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.
You can select an exchange wallet to buy Solana. The process is straightforward and depends on the wallet you choose. Normally, you should sign up and create an account on an exchange like Blocktrade, then start buying SOL.
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.
On the list of the fastest cryptocurrencies, Bitgert is the fastest blockchain. However, that doesn’t mean Bitgert is better than Solana, there are other factors that you need to consider while buying a crypto.