Crypto Can Make India a Technology Powerhouse: CoinDCX CEO
With the country leading on ITeS-based solutions from the past three decades, India can definitely not ignore the upcoming Web3.0 revolution, blockchain boom, and the crypto $1.7 trillion crypto market economy.
“It can lead to great innovation, create employment opportunities and make India a technology powerhouse,” Gupta tweeted.
However, the proposed 30% tax on crypto will likely dampen India’s potential on leading the new frontiers of the crypto economy.
“Taxation is good. But 30% tax on crypto is demotivating for investors and innovators,” Gupta added.
Earlier in February, Indian Finance Minister Nirmala Sitharaman announced a crypto tax proposal of 30% on gains made from crypto tradings from April 1. The proposal also includes a 1% tax deducted at source (TDS) by crypto exchanges on transactions above 10,000 Indian rupees ($133).
Reportedly, the 30% crypto tax bracket is the highest in the country and nearly double the corporate tax rate of 16%. The announcement saw a mixed reaction from the Indian crypto community with some calling it a welcome step towards recognizing the unregulated crypto market, while others called it regressive.