What will be the future of cryptocurrency in India?

[manjinder]

The Indian government has not accepted the cryptocurrency as a valid form of payment yet. So what is the future of cryptocurrency in India? Is it safe to invest in crypto or not?

[Reema]

Cryptocurrency is not officially banned in India but is not considered an appropriate form of payment. You can invest in cryptocurrency, but for every profit, you have to pay 30% tax to the government. The future of cryptocurrency in India depends on the regulation regarding crypto, which either promotes the innovations or can impose the limitations.

The crypto market is very volatile and not regulated properly, which makes it more risky. But if you are planning to invest in crypto, then invest in known cryptocurrencies like Bitcoin, Ethereum, and Jio's newly launched JioCoin.

[Vihan]

I joined the Pi network a year ago and started mining it. Is Pi finally going to launch its Open Mainnet as a real currency? Will banks or financial institutions in India support Pi Network payments in the future?

[Ridhima01]

Pi Network has finally launched its Open Mainnet on February 20, 2025, at 8:00 AM UTC. The network has switched from its former Enclosed Mainnet phase. This milestone allows Pi Coin to be traded on major cryptocurrency exchanges, including OKX and Bitget. Pioneers, who have been mining Pi since the early days, can now trade the cryptocurrency just like any other digital asset.

YES Bank collaborated with ANQ to launch two co-branded credit cards Pi and Phi. The future support of Pi Network payments by other banks and financial institutions in India will depend on regulatory developments, market response, and technological considerations.