Crypto hanuman, a leading crypto community in India recently hosted the 5th episode of “The Hanuman Show” on Wednesday featuring Avinash, the CEO and the Co-Founder of Pi42.Exchange. The hour long interactive discussion revolved around one of the most intriguing topics – Crypto Futures and Taxes. If you’ve missed the session, don’t worry! We’ve got you covered!
Taxation on Crypto Futures:
The highlight of the session was a really valid question asked by Crypto Hanuman, and that was “how are these crypto futures trades taxed?” Broadly explaining the idea, Avinash highlighted how futures are a tax efficient trading solution, because you are not holding an asset but a contract that derives its value from an underlying asset. Here, the tax is only applicable at the time of conversion that too on profits. But, with Crypto-INR futures, your interaction with crypto is eliminated, which means no need for conversion. So, if you’re wondering where to trade with INR-pairs, Pi42 is just the place for you!
Banking Challenges:
Crypto Hanuman also highlighted how Indian crypto institutions have been facing prolonged challenges with the banking system and fund transfers, which indeed is a pressing solution, but with the industry’s consistent growth we have seen financial institutions also easing up on these procedures.
Insights on Budget 2024:
Avinash shared insights on how Budget 2024 could impact the crypto industry, providing valuable perspectives for enthusiasts and investors. Like every other crypto enthusiast, Avinash also expressed his wish for a fair tax regime, reducing the TDS and creating an off-set provision. While these are just wishes, it’s high time for the government to understand the need for these things.
Futures Vs. Spot Trading
The AMA also highlighted a comparative analysis of crypto futures vs. spot trading, again futures is a much better option when it comes to trading, because of enhanced liquidity, leverages, off-set of losses etc. And, the unique advantages that set Pi42 apart with Crypto-INR pairs didn’t go unnoticed here, a lot of people inquired about the app launch and other related announcements.
Trust in the Community:
A crucial aspect discussed was the importance of trust within the crypto community. Avinash emphasised the platform’s commitment to transparency and reliability, contributing to its positive reputation.
Participants were delighted to discover our new and burgeoning platform, the enthusiasm was evident as few of the participants tweeted about the session praising Pi42 endeavours in creating a rock solid trading solution for the users.
Pi42 is dedicated to creating a seamless and tax-efficient system for the industry, where traders can trade with pride and confidence!
To learn more, watch the session here:-