Crypto Investors Remain Positive Despite 30% Tax
NDTV
Crypto investors have welcomed the government's decision to tax profits from digital assets' transactions, even as the rate is a steep 30 per cent.
Indian crypto investors have welcomed the government's decision to tax profits from digital assets' transactions, even as the tax rate is a steep 30 per cent, underscoring hopes the pending crypto bill will regulate the market rather than ban private coins completely.
The Reserve Bank of India favours a complete ban on cryptocurrencies. It has made that explicit in repeated messages highlighting concerns relating to macroeconomic and financial stability from virtual currencies, the challenge of exchange management, monitoring and regulating such assets.
Still, the government and a few members of RBI's central board have sought a more nuanced view on digital assets, keeping in mind the technological developments.
Investors, top cryptocurrency exchanges currently operating in India, and industry experts, too, opine that reforms to the pending crypto legislation with more comprehensive consultations can take India to the forefront of blockchain technology.
