When Dollar value is good against INR it is good for freelancers
Most freelancers get their payment in the form of USD. Most of the time the funds are kept in the wallet and are withdrawn whenever it is needed. Freelancers find it very comfortable to accept payments in USD as it is mostly accepted universally. When the value of USD increases against INR, it is good for freelancers. The reason is that they get better exchange rates and more income.
Today one of my friends was investing in Hive and I had to calculate the exchange rates. I used Binance to check the exchange price. Though on other platforms it says around 76 Rupees per USD, on Binance the transactions said 80 Rupees per USD. The reason could be that the demand was high due to the red market. From what I found, when the value of USD is high, it is a good time to cash out and when the value of INR is high, it is a good time to invest. Many people make use of this opportunity and also keep trading. That's also a good trading strategy. We will also be able to see many people doing this type of trading on Binance itself. They swap between INR and crypto making use of the market situation.
I'm still in search of a good platform that would help in receiving overseas payments without registering a company. Looks like Payoneer is one good solution. Many friends also recommended it but they have some kind of approval process. I have applied and it would take another 3 days it seems to know if my application would get approved or not. Only then I will be able to accept payments from outside India. The hunt for a good platform to receive payments is not yet over.
I have to admit that I'm also personally getting more used to USD value these days. Whenever I quote for my work with someone, it usually happens in USD only. These days I'm able to think only from the USD value perspective. The main reason is that I don't do any work in INR and I don't know if it would be correct or worth to quote in INR directly. Of course, domestic work will always be in INR but the kind of development work and consulting work has more value when it is quoted in USD in the form of an hourly rate. I was so surprised to see that many people even charge over 50$ per hour easily for their work. If the work is related to a blockchain the charges are even high.
I guess it should be okay to charge a big high because the government regulations are also pretty strict and they now demand a flat 30% tax on cryptocurrencies. In order to manage the tax and also get the freelance work going, it is okay to charge a little bit extra so that all the other expenses can also be managed.
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