India tax policy benefits crypto businesses: Raj Chowdhury.

  • April 1, 2022
  • Jennifer Moore
India tax policy benefits crypto businesses: Raj Chowdhury.

The decision of imposing 30% taxation by the Indian government has received mixed reactions. Notable blockchain pioneer and PayBito Chief Raj Chowdhury however feels that there is light at the end of the tunnel for India and the global crypto community, even taking the high taxation into account.  

India: A Global Crypto Hotspot

India has the highest number of crypto owners in the world with asset holders amounting to over 100 million. The nation ranked second in Chainlysis’ 2021 Global Crypto Adoption Index. The aforementioned tax slab on crypto profits will create huge revenues for the ruling Indian government. But, this also creates opportunities for blockchain and crypto service providers.  

Also Read: India Seeking Global Partnerships and Collective Strategies on Blockchain and Crypto Issues

CEO Speak

The PayBito, an eminent proponent of blockchain, states “The high taxation may appear as a deterrent to small-scale crypto traders, but firm regulation and infrastructure development is the need of the hour for businesses looking to make a mark in the rapidly growing global crypto community.” 

Also Read: Trading Crypto: The Top Cryptocurrency Exchanges in India

Investor Impact, CBDC, and National Blockchain Framework

The tax policy results in lower profit margins for traders investing small capital. The appointment of the national market regulatory body SEBI in charge of overseeing cryptocurrencies also indicates that the ruling government is not aiming toward an outright ban, despite the lack of an official crypto legalization verdict. The country is also slated to roll out its own blockchain-powered CBDC, the Digital Rupee, within 2022-23.

“All the buzz around India’s crypto taxation is diverting attention away from the fact that the government also intends to build a National Blockchain Framework and integrate the revolutionary technology in multiple sectors to accelerate digital transformation and service delivery,” mentioned Raj Chowdhury.

Wrapping Up

The 30% crypto tax may be a hindrance to low-capital traders or investors. However, it is a forward step towards acceptance compared to an outright ban. The decision will promote crypto service providers and institutional investors into securing the best business growth opportunities. 

Source: https://finance.yahoo.com/news/indias-crypto-taxation-benefits-both-070000109.html

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