BENGALURU: Since there has been a rapid change surrounding payment methods, crypto exchanges and businesses say that bitcoin will emerge as a payment method. A few countries have started using bitcoin as a payment option. Many countries are tapping digital currencies to make purchases.
Speaking at an annual summit of India Global Forum on Monday, Sathvik Vishwanath, CEO and Co-founder of Unocoin said, “While e-commerce payments gateway charge 2% transaction fees, this can be avoided by using bitcoin.”
According to Brandessence Market Research, most businesses are now operating crypto payment, and the global crypto payment gateway market is growing at a CAGR of 22.8%. Bitcoin can be utilised as both - asset and payment, he added.
Vishwanath said cryptocurrency should not be taxed like gambling and 30% tax will dissuade investors. In the Budget, finance minister said any income from the transfer of virtual assets will be taxed at 30%. Earlier, talking about start-ups, Mohandas Pai, Chairman of Aarin Capital said that the country can produce many unicorns and that we are seeing momentum in the start-up ecosystem with many start-ups raising funds.
A recent report by Nasscom-Zinnov said India will have more than 200 unicorns by 2025 and that the start-up ecosystem will have over 37,000 tech start-ups.