Many Indian crypto investors are curious about the Pi network price in India. Like other cryptocurrencies, the price of the Pi Network can change in India depending on market demand and other elements. So, stay tuned with this web post, we are going to deep dive in this topic.
Introduction of Pi Network:
Pi Network is a revolutionary cryptocurrency project. It was launched in year 2019. It was launched by a team of developers which was led by Dr. Nicolas Kokkalis. The main aim of this cryptocurrency project is to create a decentralized and community-driven digital currency. It can be mined on mobile devices and this is one of its unique feature.
Pi Network uses a consensus algorithm which is known as “Proof of History” (PoH). This algorithm helps this platform to perform smooth transactions. This algorithm also helps to create new blocks on the blockchain. This algorithm has another advantage as well i.e. it is energy efficient. And anyone can participate in its mining. A user can mine Pi tokens by his/her smartphone without consuming large amount of energy.
This Pi network has over 35 million members worldwide. To get your Pi, go to https://minepi.com/itsmekshitijkr and provide the username (itsmekshitijkr) as your invite code. Digital currencies are a type of digital money. This form of digital money is regulated by a community or group of people instead of by the government or organizations.
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The importance of the Pi Network in India-
The Pi Network in India is important for many reasons:
- Adoption of Pi Network: Adoption of Pi network has increased with time because many people in India become aware of Pi Network and its potential. With time, the demand for Pi coins will increase.
- Investment Potential: Pi Network offers investment potential for individuals who are confident in its long-term prospects, just like any other cryptocurrency. Pi coins would be more desirable for Indian investors to purchase and retain at a greater price, increasing both demand and price.
- Financial Consequences: An increase in the price of Pi coins in India could benefit the economy of a nation. It might bring additional capital into the cryptocurrency market, resulting in the opening of new firms and jobs. Also, it might change how people in India view cryptocurrencies more generally, encouraging a higher use and implantation of cryptocurrencies into the Indian economy.
- Global Impact: Indian economy is the one of the world’s biggest and fastest-growing economies. The global cryptocurrency market will be significantly impacted by a higher price for Pi coins in India because both demand and price would rise.
Understanding Pi Network Price:
What affects the price of Pi Network-
Several factors can affect the price of Pi Network:
- Supply and Demand: For Pi Network, the fundamental law of supply and demand also holds true. Pi coins will become more expensive if demand exceeds supply, and vice versa. The supply and demand behaviors of Pi coins can be influenced by the total amount of coins in use, the rate at which new coins are created, and the total number of Pi Network users.
- Network Security and Reliability: The pricing of the Pi Network may also be impacted by its dependability and security. Users will be more willing to store and use Pi coins if they believe the network to be secure and dependable, which will raise demand and drive up prices. On the other side, security flaws or network technical problems can undermine user confidence and have a detrimental effect on the value of Pi coins.
- Market Sentiment: The price of Pi Network may also be impacted by the general nature of the cryptocurrency market. If the overall market sentiment is bullish and the investors are optimistic about its future then its price is likely to increase. And, if the market is bearish and investors are bearish then its price may decrease.
- Regulatory Environment: The regulatory framework governing cryptocurrencies, such as Pi Network, may also have an impact on its pricing. The price of Pi coins could suffer from modifications to laws or policies that prohibit or cap the usage of or trading in cryptocurrencies. Yet, governmental certitude and backing can boost investor confidence in cryptocurrencies and have a favourable effect on their pricing.
Factors that determine the value of Pi Network in India-
The value of Pi Network in India is determined by several factors:
- Market Demand: An important factor in determining the value of Pi coins is their demand in the Indian market. The demand for Pi coins will rise as more Indians become aware of Pi Network and its possibilities. The demand for Pi coins is influenced by the general attitude of the Indian market towards cryptocurrencies.
- Competition: The value of Pi Network is also impacted by the degree of competition in the Indian cryptocurrency industry. Pi Network faces competition from other cryptocurrencies like Bitcoin and Ethereum for users and market share. Pi Network’s perceived value is impacted by the market’s general level of competition.
Overall, the value of Pi Network in India is determined by a combination of factors, including market demand, adoption and integration, competition, network security and reliability, and regulatory environment.
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Comparison of Pi Network prices in India and other countries-
Pi Network costs can fluctuate dramatically between nations, including India. This fluctuation is mostly caused by variations in market demand, the regulatory landscape, and the degree of cryptocurrency adoption.
Let us take an example, In India, if the price of the Pi network is $0.03 per Pi coin, whereas, in United States, it is around $0.05 per Pi coin. And this difference in price of Pi coin is due to adoption, demand level and favourable regulatory environment for cryptocurrencies in both countries.
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The price of Pi Network may also be considerably higher in some nations where cryptocurrencies have attained extensive popularity, such as Japan and South Korea. For instance, as of March 2023, the cost of Pi Network in Japan is approximately $0.10 per Pi coin, whereas the cost in South Korea is approximately $0.08.
The cost of Pi Network, however, might be cheaper in nations where cryptocurrencies are subject to more stringent governmental oversight or slower development. For instance, the price of Pi Network is substantially lower in China than it is in other nations, where cryptocurrency trading is mainly prohibited.
It’s critical to remember that the price of Pi Network fluctuates greatly and frequently, just like the price of all cryptocurrencies. A number of variables, like as shifts in market demand, acceptance, the regulatory landscape, and public opinion towards cryptocurrencies, can cause the price to fluctuate quickly.
Pi Network in India: Market Overview:
Overview of the cryptocurrency market in India-
In recent years, the cryptocurrency sector in India has expanded quickly due to a number of factors, including technology advancements, rising adoption, and changes in the law. Below is a summary of the Indian cryptocurrency market:
- Adoption and User base: In India, the adoption and user base has rose for last some years. Many people shows their interset in this network. This is because of its use cases and it’s unique feature i.e. it can be mined in smartphones (no need to set up powerfull and costly rig). Young generation of India is very much interested in this. There are an estimated 15 million users in India, and the majority of them are lie between the ages of 18 and 35.
- Cryptocurrency Exchanges: There are many cryptocurrency exchanges available in India, which provide best services. Some of them are CoinDCX, WazirX, CoinSwitch Kuber, SunCrypto. These are some crypto exchanges which provide a good platform with great user experience to trade cryptocurrencies.
- Popular Cryptocurrencies: Among all cryptocurrencies, Bitcoin, Ethereum and Polygon Matic are quite more popular. These tokens have good following. However, some new cryptocurrency project such as Pi Network are also gaining attraction in the Indian market.
- Challenges in Indian market: Even if the Indian cryptocurrency sector is expanding, a number of problems still need to be resolved. They include unclear regulations, cryptocurrencies’ high volatility and hazards, and a general lack of public knowledge and education.
Market trends and factors that affect Pi Network price in India-
Now have a look on crypto market trend and factors which are responsible for fluctuation of prices of Pi network.
- Market Demand: The price of Pi Network is significantly influenced by the product’s demand in India. Price increases are caused by higher demand, whereas price decreases are often brought on by decreasing demand. Market demand may be affected by the degree of Pi Network implementation in India and the general attitude towards cryptocurrencies.
- Market Capitalization: The value of all Pi coins in circulation, or the market capitalization of the Pi Network, might affect the price. An increase in price may result from more acceptance and demand, which are often indicated by a higher market capitalization.
- Competition with others: The price of Pi Network may be impacted by competition from other cryptocurrencies on the Indian market, like Bitcoin and Ethereum. Pi Network’s price may drop if competing cryptocurrencies become more popular or take up more market share, which would reduce demand.
- Technological Advancements: The technological advancements and updates of the Pi Network can also affect its price. Improvements to the network’s security, scalability, and efficiency can lead to greater adoption and demand, which can increase the price.
- Economic Factors: The cost of Pi Network in India may also be impacted by economic variables including inflation, interest rates, and exchange rates. These elements may have an impact on investor sentiment and cryptocurrency demand, which may have an impact on price.
- Tax in crypto in India: You’ll pay 30% tax on profits from trading, selling, or spending crypto and a 1% TDS tax on the sale of crypto assets exceeding more than RS50,000 (RS10,000 in certain cases) in a single financial year.
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How is crypto taxed in India-
The ITD (Income Tax Department) introduced Section 2(47A) into the Income Tax Act to define the term Virtual Digital Assets (VDAs). The definition is detailed, but essentially covers all kinds of crypto assets including cryptocurrencies, NFTs, tokens, and more.
You’ll pay 30% tax on profits from trading, selling, or spending crypto and a 1% TDS tax on the sale of crypto assets exceeding more than RS50,000 (RS10,000 in certain cases) in a single financial year.
The finance minister included Section 115BBH in the 2022 budget. On gains obtained from trading cryptocurrencies on or after April 1, 2022, this clause imposes a 30% tax (plus any relevant surcharge and 4% cess charge).
The highest income tax bracket in India is equal to this rate (excluding surcharge and cess). Private investors, professional traders, and anybody else who transfers crypto assets throughout a particular financial year are subject to the tax rate. And 30% tax rate will be applicable irrespective of the nature of income, so it doesn’t matter if it is investment income or business income and there is no distinction between short-term and long-term gains.
Cryptocurrency is subject to other taxes besides the 30% levy. To guarantee that all cryptocurrency transactions are recorded, another clause, 194S, imposes a 1% Tax at Source (TDS) on the transfer of cryptocurrency assets on or after July 1, 2022, if cryptocurrency transactions reach RS50,000 in a fiscal year (or RS10,000 in certain circumstances).
Investors from India who trade in cryptocurrencies or NFTs will need to report their income as either capital gains if the assets are held for investment reasons or business income if they are used for trading purposes.
Schedule – Virtual Digital Assets, a new schedule designed exclusively for reporting gains from Crypto/NFTs, is included in the Income tax return (ITR) for FY 2022–23. (VDA).
The deadline for submitting the income tax return for the fiscal year 2022–2023 is July 31. A late return may be submitted through December 31.
Govt Could Levy TDS/TCS On Crypto Trading In Union Budget 2022, Observes Market Expert. Aravind Srivatsan, Tax Leader and partner, Nangia Andersen LLP has said that the income from cryptocurrency sales must be levied a tax of 30%– similar to winnings from the lottery, game shows, puzzles, etc. Speaking to PTI about the Budget 2022-23, Srivatsan reiterated that India has the highest number of crypto owners globally, at 10.07 crore. He also added that the investment by Indians in the crypto market could go up to $241 million (Rs 17,893.88 crore) by 2030, as per a report.
He said that the new Budget, which will be unveiled by the government on February 1, could have big revelations in store for the crypto industry in India.
Pi network price in India:
Now we are going to predict the Pi Network price in India.
|Year||Expected Average Price per Pi Coin (INR)|
Pi Network is a fresh and exciting cryptocurrency that is presently going through the development process. Although a number of market variables, including demand, adoption, governmental changes, and technological breakthroughs, affect the price of Pi Network in India, it is crucial to remember that investing in Pi Network has a significant level of risk. Hence, before making any investing decisions, investors should do extensive study and consult an expert.