For earning cryptocurrency, you can play crypto games which include online games such as poker, ludo, fantasy, rummy and many more. And with the help of blockchain technology, now the player can transfer their rewards and other equipment from one game to another, which was not possible in traditional games. In conventional games, the players’ assets are owned by the developer, but in the crypto game, the player can hold the assets and transfer them from one game to another.
Is the crypto game legal in India?
No expressive regulation or freedom has been given to the crypto games by the government of India. And with the growing popularity of cryptogames Indian players are also attracted to crypto games. As a result, the cryptocurrency industry has grown significantly in India.
Recently, the government has imposed a 30% tax on digital currency, meaning there is a 30% tax on cryptocurrency. Which will be applicable from 1 April 2022. And also, there are 1% TDS on digital asset transactions. TDS is also valid for app purchases and rewards. And due to this income, crypto players have been reduced.
but with the disadvantage of a reduction in income, there is the positive impact of crypto games in India is as follows,
with the growing popularity of crypto games in India, many new companies are also establishing. And as a result, employment will boost in the crypto gaming sector. And this is one of the most significant advantages to the country from the crypto gaming sector, as a spike in employment will help to eliminate various problems.
Revenues to the country
As the tax on the crypto game sector is higher, the country’s revenue will automatically increase the growing crypto gaming industry in the market. The total tax on the crypto gaming sector is 30%, and the more this sector rises, the more government will enjoy the higher revenue.
Safe and secure
Due to the strict rule regulation, all the registered crypto gaming companies allow the government to track all the information for safety assurance. And to prevent any scam, all transactions can be followed by the authorities, and as a result, a player can safely withdraw and deposit without worrying about fraud.
In other countries and India, the crypto gaming industry is increasing. But due to the higher taxation of crypto gaming, many companies are not registering and running the business illegally. Higher tax on crypto games is one of the biggest drawbacks, but these regulations also have a significant positive impact.