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Frequently asked questions
Tether is available on almost all exchanges. If you want a low-cost and trusted exchange to buy Tether, BlockTrade will be the right place for you. You only need to create an account and start buying cryptocurrency. Furthermore, unlike most exchanges, BlockTrade doesn’t have any processing fee. So, purchasing Tether on this exchange will cost you lower than in other places.
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.
Tether Limited Inc is the company behind creating Tether, which is also owned by a larger company called IFinix inc, located in Hong Kong. Reeve Collins, Craig Sellars, and Brock Pierce had the most important roles in creating Tether, and are considered the first owners. However, in 2015, the company was purchased by its new owner in Hong Kong.
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.
Tether always has a stable price. Since its price will not change or grow, you cannot make money from keeping Tether in your E-wallet. It is not a coin to invest in.