We have recently attended Web3Conf, Goa (India), Bitbatua at 29th Convergence India Expo 2022 | Our First Expo Experience
Redefining the digital landscape of India, the Convergence India 2021 expo, undoubtedly, has grown to become one of the most influential expos in India by successfully hosting cutting-edge exhibitions and concurrent conferences. Launched in 1992, the Convergence India series of expos is widely credited as a leading exhibition in India, in the realms of technology. With three decades of experience in hosting expos in India, they provide a valuable opportunity for the industry leaders to deliberate on the latest trends and disruptions impacting various industry verticals.
From a very young age, every Indian is somehow interlinked and felt remarkably inspired by law. We all are raised in an environment where the law was central to most consultations, the development of a legal aptitude was perhaps in-the-making long before we consciously pursued legal education. Although when we talk about law, we also want to make sure the awareness of that law. That is actually the demand of the state.
These are the key reasons that we attended this 2022 fintech event. We want to observe how far people are aware of our vision. That is to make crypto accessible for each and every person in this world. This definitely shows us the incalculability of the law and its applicability in our day-to-day lives, along with the constant learning prospects. These aspects continue to motivate us toward our vision. This three-day extensive exhibition experience is one of the best memories we have collected as a team so far. It’s the feeling of winning, and we credit all of this to our multitalented team for making it possible. We are sharing the entire journey of our day-wise below, hope you’re enjoying the reading.
Day 1
We started arranging our stall with the full excitement and enthusiasm inside us. We put the big banner which is addressing our contemplations and our vision as well. Arranges various things in a legitimate way. From switching on the television to disclosing the brochure of us. It was really great learning for us as a team. We started whole these things from early 8.30 am in the morning and finish all the tasks before 10 am. And to be honest that’s how we understand the time management and team liabilities.
Once the visitor entry opened, which is near around 10.15 am, we truly had the honor of meeting various individuals who are affected and exceptionally propelled by the crypto space. To be honest this is something very exciting for us as well. It’s like aaj mere yaar ki shaadhi hai.
We didn’t have an idea of that like people give such kind of response to us. Because we all know how dramatic crypto space has been in the last year. There are lots of questions related to crypto existence..volatility and so on. There are so many people who asked us about crypto taxation, crypto use case, crypto future, crypto payment existence, etc..and we actually realize that ” ab Crypto ki baari hai “
Many people come with doubt about India’s stand on the crypto bill, many of them come with the curiosity that what are the use cases of Blockchain and how bitbatua is functioning for retail eCommerce both domestic and global payments. Apart from all the questions, it was really amazing for us to see that more than 90% of individuals who visited us were already familiar with the crypto space in some way or another. And then we get somewhere a surety that ” Crypto hi future hai “🚀🚀
Day 2
It’s actually easy for us from day 1 hustling. Since we previously set up the entire thing. Furthermore, we didn’t need to rearrange that. All we have to keep is the same excitement and enthusiasm for our vision. And we’re already excited from the day 1 interaction. We have learned that the people of India are now prepared for the revolution in digital payments. They are willing to accept the crypto more of the trading. We already discussed a few things with our team on how to be better with our explanation of the different questions. Because we believe that each day is new learning for all of us. Several major superstars additionally visited this event.Celebrities such as the great Khali and gorgeous Kriti Kharbanda visit who give their presence to this fintech event with their associated partners. Second is more exploring for such because we get time to explore others event partners too.
There are lots of other people who is having the vision of building a new India. Many of them are having extraordinary thoughts. Such as empowering India with different levels, and innovations that can be impactful for Indian agriculture. There are lots of projects which talk about nanotechnology. In short, they are fully charged and willing to spread the innovation.
Day 3
Having a fantastic couple of days in this huge event gives us a clear indication that India is ready for the change. And people of India are ready to acknowledge the innovation with both hands. So as expected throughout the previous two days, we started our journey. And our team is fully charged for the last day of the event. Also, we have the privileged to get interact with international individuals who come from Egypt, Kenya, and Ethiopia. They all appreciated us for these new steps. To wrap up all the day questionnaire’s from the 3 days event most asked question from people who visited our counter was “Will merchants pay tax on crypto payments?” and is the crypto payments legal in India. Trust us it gives us more pleasure to answer such questions.
If you’re also confused about the taxation part then the below para totally belongs to you.
The first thing to understand is that 30% tax is applicable on gains, and not on your payments or salary.
Confusing? Let us clear you by explaining more.
When you buy crypto for X INR and makes a profit of Y by selling the crypto, the tax is applicable on Y only.
But when you as a merchant or business accept payments in crypto then there are two cases to understand the tax liability:
Case 1: If a user makes a payment in crypto against a good or service worth X INR and you opt for auto-conversion to X INR then there is no gain and no tax liability. It’s a simple payment.
Case 2: You opt for no conversion and receive crypto only and you also hold it. Let’s suppose later on you sold it and make a profit of Y INR. How is it calculated? [Total value of your trade – product cost (i.e. X INR) = Y INR]. There is a gain and you’re liable to pay tax on this gain.
How will they know whether it was a payment or trade? You will declare it in ITR. The invoices of all the payments are proof. Everything is legit as long as you’re following a legit process.
We hope that we at least resolve these taxation things for whoever reading this article. Now imagine you just get a knowledge booster on crypto tax through our journey. That’s how our journey is directly related to everyone who believes in technology. It was the little things as much as the big moments that made memories of this fintech event utterly unforgettable.
Summary
Events such as the Convergence India Expo and Smart Cities India expo are crucial in solving the problems of modern India. The idea of smart cities should also incorporate the idea of sustainability, for, without it, no city can be smart. In building and developing smart cities, not only do we need to think about people but also work towards involving them in the process of planning and development. When we talk about us that means bitbatua, we totally believe in Indian lawmakers and we are very positive about crypto payments. Watch this short video of the event made by us to get a glimpse of it. The government is also devising several policies to support the technology. The COVID-19 pandemic has sharply impacted our citizens, the economy, and commercial growth. The industry has exhibited great examples of working with the government to contain the pandemic.
We must continue to work in synergy and contribute towards making India self-reliant in every way possible. Our best wishes to the organizers and participants of this grand event.
Events such as the Convergence India Expo and Smart Cities India expo are crucial in solving the problems of modern India. The idea of smart cities should also incorporate the idea of sustainability, for, without it, no city can be smart. In building and developing smart cities, not only do we need to think about people but also work towards involving them in the process of planning and development. When we talk about us that means bitbatua, we totally believe in Indian lawmakers and we are very positive on crypto payments. The government is also devising several policies to support the technology. The COVID-19 pandemic has sharply impacted our citizens, the economy, and commercial growth. The industry has exhibited great examples of working with the government to contain the pandemic. We must continue to work in synergy and contribute towards making India self-reliant in every way possible. Our best wishes to the organizers and participants of this grand event.
From eating the lunch together to arranging all the stuff for our counters we actually learn how to teamwork together. But yes the journey isn’t ended here. If you miss connecting with us this time. You can also connect with us next year from 27-29 March 2023. We will be happy to interact with you.
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